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U.S. Treasury appoints Federal Advisory Committee on Insurance

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Nov. 9, 2011—The U.S. Department of the Treasury recently appointed 15 individuals to serve as members of the Federal Advisory Committee on Insurance, which will provide advice on issues to the Treasury’s Federal Insurance Office (FIO).

The FIO monitors all aspects of the insurance industry, including identifying issues that could contribute to systemic risk in the insurance industry or the U.S. financial system, according to the Department of the Treasury. The FIO also assesses the availability and affordability of insurance to underserved populations, advises the Secretary of the Treasury on major domestic insurance policy issues, and develops and coordinates federal policy on international insurance regulatory matters.

The 15 individuals appointed to the Federal Advisory Committee on Insurance include the following:

• David Birnbaum, economist and executive director of the Center for Economic Justice
• Michael Consedine, commissioner of commonwealth of the Pennsylvania Department of Insurance
• Jacqueline Cunningham, commissioner of the Virginia Bureau of Insurance
• John Degnan, senior advisor to the CEO of Chubb Corp.
• Brian Duperreault, president and CEO of Marsh & McLennan Companies
• Loretta Fuller, CEO of Insurance Solutions Associates
• Scott Harrington, professor of health care management and insurance and risk management at the University of Pennsylvania’s Wharton School
• Benjamin Lawsky, superintendent of financial services for New York
• Thomas Leonardi, commissioner of the Connecticut Department of Insurance
• Monica Lindeen, Montana commissioner of securities and insurance
• Christopher Mansfield, senior vice president and general counsel of Liberty Mutual Group
• Sean McGovern, director and general counsel of Lloyd’s North America
• Theresa Miller, administrator of Oregon’s Insurance Division
• Michael Sproule, executive vice president and chief financial officer of New York Life Insurance Co.
• Bill White, commissioner of the District of Columbia’s Department of Insurance

“These individuals have tremendous knowledge about the insurance industry and a wide cross-section of experience,” said Michael McRaith, director of the FIO. “I’m pleased that they will be offering their valuable expertise as the Federal Insurance Office continues moving forward with its critical work.”

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