The Treasury Department has announced the 15 members of the Federal Advisory Committee on Insurance (FACI), which is charged with advising the newly created Federal Insurance Office—but state legislators are upset they aren't being represented.
While members include regulators, industry representatives and a consumer advocate, officials did not accept an application from State Rep. George Keiser, R-N.D., president of the National Conference of Insurance Legislators.
"I am disappointed in the FACI selection process," says Keiser, who adds the committee "is overrepresented by regulators at the expense of legislators."
P&C company representatives on FACI are Christopher Mansfield, senior vice president and general counsel of Liberty Mutual Group, and John Degnan, senior advisor to the CEO of the Chubb Corp. and the company's former COO.
Agent and broker representatives include Brian Duperreault, president and CEO of the Marsh & McLennan Cos., and Loretta Fuller, CEO of Insurance Solutions Associates.
Sean McGovern, a director and general counsel of Lloyd's North America, is the panel's international representative.
Serving as the consumer representative is Birny Birnbaum, an economist and executive director of the Center for Economic Justice.
Michael E. Sproule, New York Life Insurance Co. executive vice president and CFO, represents the life insurance industry.
Also on the committee is Scott E. Harrington, a professor in the Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania.
Regulator representatives are Benjamin Lawsky, New York superintendent of Financial Services; Thomas Leonardi, Connecticut commissioner; Michael Consedine, Pennsylvania commissioner; Jacqueline Cunningham, Virginia commissioner; Bill White, District of Columbia commissioner; Monica Lindeen, Montana commissioner of Securities and Insurance and state auditor; and Theresa Miller, administrator of the Oregon Insurance Division.
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