NU Online News Service, March 2, 3:22 p.m. EDT
Brian Duperreault, the president and chief executive officer of Marsh & McLennan Companies, was named chairman of the Federal Advisory Committee on Insurance.
The announcement was released by Marsh & McLennan on Friday after the committee’s first meeting.
The FACI was formed by the U.S. Department of Treasury to provide advice to the FIO, which was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Appointments to the 15-member FACI, the first such committee of its kind in U.S. history, were announced by the Treasury late last year.
FACI comprises insurance industry experts from business, academia, and consumer advocacy groups, as well as seven State insurance regulators.
The committee is to meet several times a year to develop recommendations that will aid FIO in carrying out its duties and authorities. FIO monitors all aspects of the insurance industry and advises the Secretary of the Treasury on major domestic and prudential international insurance policy issues.
“I am honored to have been appointed chairman of the Federal Advisory Committee on Insurance, and look forward to working with my fellow members to help the Federal Insurance Office serve the public with informed recommendations on issues facing the industry,” says Duperreault in a statement.
Duperreault has close to 40 years of experience in the insurance industry. He has held top leadership roles at the industry’s most prominent firms. Prior to his current role, he was CEO of ACE Ltd. and a member of that company’s board.
He also served in senior executive positions with AIG and its affiliates. In 2011, he was inducted into the International Insurance Society’s Hall of Fame.