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November 02, 2011 at 11:30 AM
WASHINGTON—An official of New York Life Insurance Company and consumer advocate Birny Birnbaum are among 15 people named today to the Treasury Department’s Federal Advisory Committee on Insurance.
Among those named were seven insurance regulators, including the commissioners of New York, Connecticut, Pennsylvania, the District of Columbia, Virginia, Montana and Oregon.
Representing New York Life will be Michael E. Sproule, executive vice president and chief financial officer.
In response, Sproule said, “I’m very pleased to be part of this new committee. The Federal Advisory Committee on Insurance is expected to play a key role in support of the new Federal Insurance Office, and I’m looking forward to working with my 14 colleagues on the Committee to address important insurance-related issues.”
The committee will provide advice to Treasury’s Federal Insurance Office, which was established as part of the Dodd-Frank financial services reform law, on issues related to the responsibilities of the office.
Michael McRaith, FIO director, said “These individuals have tremendous knowledge about the insurance industry and a wide cross-section of experience.”
He said he was pleased “that they will be offering their valuable expertise as the Federal Insurance Office continues moving forward with its critical work.”
