The Dodd-Frank financial services reform law established the Treasury Department’s Federal Insurance Office (FIO). Michael McRaith is the FIO director.
The Treasury Department has established a Federal Advisory Committee on Insurance (FACI) who will advise the Treasury’s Federal Insurance Office (FIO). The FACI will contain 15 members. Recently the Treasury Department named the 15 committee members.
Seven insurance regulators were named to the FACI. The regulators are the commissioners of Connecticut, the District of Columbia, Montana, New York, Oregon, Pennsylvania and Virginia.
Six insurance officials were named to the committee from the following insurance companies:
- Chubb Corporation – Warren, NJ
- Insurance Solutions Associates – Landover, MD
- Liberty Mutual Group – Boston, MA
- Lloyd’s North America – London with offices in NY
- Marsh & McLennan Companies – New York, NY
- New York Life Insurance Company – New York, NY
Also on the committee are consumer advocate Birny Birnbaum and Scott Harrington, a professor in Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania.
The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.
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