NU Online News Service, May 10, 2:24 p.m. EDT
The Treasury Department announced it is creating an advisory committee on insurance comprised of state regulators, industry officials and academia.
Applications must be sent to the Treasury Department within 15 days of the time the notice appears in the Federal Register.
The American Insurance Association (AIA) lauds the Treasury plan. Blain Rethmeier, an AIA spokesman, says, "Anything that brings more knowledge of insurance where there hasn't been before is a good idea. While we're still reviewing the details of the committee, we're pleased to see they will be seeking the industry's participation."
The Treasury Department announcement says creating the advisory unit is one step it is taking as part of the Dodd-Frank financial-services law provision establishing a Federal Insurance Office.
The new committee will provide advice to the FIO and the Treasury Department, the Treasury says.
"Through the committee, the FIO and the Treasury will benefit from the deep knowledge and regulatory experience of state insurance regulators, as well as the perspective of industry experts, academics, and other stakeholders and affected constituencies," the statement says.
The statement says half of the committee's membership has been reserved for state and tribal insurance regulators. The remaining members of the committee "will represent a diverse range of perspectives from, for example, the property and casualty insurance industry, the life insurance industry, the reinsurance industry, the agent and broker community, public advocates, and academia," according to the Treasury.
Ben McKay, senior vice president of federal government relations for the Property Casualty Insurers Association of America (PCI), says, "We are pleased that Treasury is seeking expanded expertise on insurance issues. The new Federal Insurance Office will play a key role in leading international insurance negotiations and advising federal regulators on the development of criteria for systemically important non-bank financial institutions."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.