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Life Health > Life Insurance

Treasury Names Federal Advisory Committee on Insurance

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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.”

Birnbaum, based in Austin, is an economist and executive director of the Center for Economic Justice.

Others on the committee include Scott E. Harrington, Alan B. Miller, a professor in the Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania, Philadelphia.

Sean McGovern, a director and general counsel of Lloyd’s North America, is the international representative on the panel.

Property and casualty industry representatives are Christopher Mansfield, senior vice president and general counsel of Liberty Mutual Group, Boston, and John Degnan, senior advisor to the CEO of the Chubb Corporation, Warren, N.J., and former chief operating officer of the company.

Property and casualty agent and broker representatives include Brian Duperreault, president and CEO of the Marsh & McLennan Companies, New York, and Loretta Fuller, CEO of Insurance Solutions Associates, Landover, Md.

Regulator representatives are Benjamin Lawsky, New York superintendent of Financial Services; Thomas Leonardi, Connecticut commissioner; Michael Consedine, Pennsylvania commissioner; Jacqueline Cunningham, Virginia commissioner; Bill White, District of Columbia commissioner; Monica Lindeen, Montana Commissioner of Securities and Insurance and State Auditor; and Theresa Miller, administrator of the Oregon Insurance Division.


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