Treasury Department to Launch Federal Advisory Committee on Insurance

New Committee is one step in establishing new Federal Insurance Office under Dodd-Frank

More On Legal & Compliance

from The Advisor's Professional Library
  • The New and Improved Form ADV Whether an RIA is describing its investment strategy in advertisements or in the new Form ADV Part 2, it is important the firm articulates material risks faced by advisory clients and avoids language that might be construed as a guarantee.
  • U.S. Securities and Exchange Commission Information This information sheet contains general information about certain provisions of the Investment Advisers Act of 1940 and selected rules under the Adviser’s Act.  It also provides information about the resources available from the SEC to help advisors understand and comply with these laws and rules.

The Treasury Department announced Monday that it planned to create a Federal Advisory Committee on Insurance, one of the “series of steps” that Treasury said it was taking to establish the new Federal Insurance Office (FIO) created under the Dodd-Frank Act.

The new Committee on Insurance will provide “advice to the FIO and the Treasury Department, including to the FIO Director in the Director’s role as a member of the Financial Stability Oversight Council (FSOC),” Treasury says in a statement. “Through the Committee, the FIO and the Treasury will benefit from the deep knowledge and regulatory experience of state insurance regulators, as well as the perspective of industry experts, academics, and other stakeholders and affected constituencies.”

Treasury says that it is recognizing the important role of state insurance regulators by reserving “half of the Committee’s membership for state and tribal insurance regulators.” The remaining members of the Committee will represent a diverse range of perspectives from, for example, the property and casualty insurance industry, the life insurance industry, the reinsurance industry, the agent and broker community, public advocates, and academia, Treasury says.

Reprints Discuss this story
This is where the comments go.