Insurance Executives, State Regulators Tapped for Federal Panel

The Federal Insurance Office (FIO) has identified the 15 individuals who will comprise the Federal Advisory Committee on Insurance.

In addition to different sectors of the insurance industry, the committee members were selected from the ranks of state regulators, consumer advocacy and academia.

FIO Director Michael McRaith says the members of the Committee will bring a diverse set of perspectives on the insurance industry to their advisory role. “These individuals have tremendous knowledge about the insurance industry and a wide cross-section of experience,” McRaith said in a statement. “I’m pleased that they will be offering their valuable expertise as the Federal Insurance Office continues moving forward with its critical work.”

The creation of the committee was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which established the FIO within the U.S. Department of the Treasury. The FIO is tasked with monitoring all aspects of the insurance industry to gauge systemic risk, while leaving functional regulation duties to the states. The Office will also assess the availability and affordability of insurance to traditionally underserved populations and coordinates federal policy on international insurance regulatory matters.

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

• David Birnbaum, Economist and Executive Director, Center for Economic Justice

• Michael Consedine, Commissioner, Commonwealth of the Pennsylvania Department of Insurance

• Jacqueline Cunningham, Commissioner, State of Virginia Bureau of Insurance

• John Degnan, Senior Advisor to the CEO of the Chubb Corporation

• Brian Duperreault, President and Chief Executive Officer, Marsh & McLennan Companies

• Loretta Fuller, Chief Executive Officer, Insurance Solutions Associates

• Scott E. Harrington, Alan B. Miller Professor in the Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania

• Benjamin Lawsky, Superintendent of Financial Services, State of New York

• Thomas Leonardi, Commissioner of the Connecticut Department of Insurance

• Monica Lindeen, State of Montana Commissioner of Securities and Insurance and State Auditor

• Christopher Mansfield, Senior Vice President and General Counsel, Liberty Mutual Group

• Sean McGovern, Director and General Counsel, Lloyd’s North America

• Theresa Miller, Administrator, State of Oregon Insurance Division

• Michael E. Sproule, Executive Vice President and Chief Financial Officer, New York Life Insurance Co.

• Bill White, Commissioner, District of Columbia Department of Insurance