March 30 is the date set for the first meeting of the Federal Advisory Committee on Insurance. The meeting will take place in Washington at the Treasury Department. Created by the Dodd-Frank Act to provide advice to the Federal Insurance Office, the 15-member committee is expected to take comments from the public and from its members. More than 150 comment letters have already been submitted to the FIO.
Members of the committee expected to attend include seven state insurance commissioners. The commissioners include Pennsylvania Commissioner Michael Consedine, Virginia Commissioner Jacqueline Cunningham; New York Superintendent of Financial Services Benjamin Lawsky; Connecticut Commissioner Thomas Leonardi; Oregon Insurance Administrator Theresa Miller; Montana Commissioner and State Auditor Monica Lindeen; Washington, D.C. Commissioner Bill White.
INN could not confirm whether FIO Director Michael McRaith plans to attend this meeting, and an agenda was not announced. However, reports indicated that the committee would not discuss the long-awaited U.S. insurance market report, which McRaith had promised by the end of January but that has been since delayed. The committee is expected to discuss the FIO’s role in the existing state-led system for regulating insurance, as well as the role international regulations might have on U.S. policy.
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