The Federal Advisory Committee on Insurance (FACI) will be hosting its second in-person meeting on Aug. 6, weeks later than the proposed June meeting date. They have also assigned members to two subcommittees to assess demographic changes, per Federal Insurance Office (FIO) Director Michael McRaith.
McRaith, along with FACI Chairman Brian Duperreault, president and CEO of the Marsh & McLennan Companies, assigned members to either the Affordability and Accessibility of Insurance Subcommittee or an International Regulatory Balance Subcommittee.
These two subcommittees were asked to assess the impact of two demographic changes McRaith has earlier discussed: (1) the aging of the population in developed countries and the increased longevity of those who are aging –i.e. the silver tsunami, and (2) the development of the middle class in emerging economies and the impact that economic progress in those countries will have on the international insurance marketplace.
According to sources, not a lot of work, if any, has been done so far by the group.
Affordability and Accessibility of Insurance members are:
Birny Birnbaum, a consumer advocate, consulting economist and director of the Center for Economic Justice; Virginia Insurance Commissioner Jacqueline K. Cunningham; Loretta Fuller, CEO of Insurance Solutions Associates Inc.; Nevada Insurance Commissioner Scott Kipper; Christopher Mansfield, senior vice president and general counsel of Liberty Mutual Group; and Washington, D.C., Insurance, Securities and Banking Commissioner William P. White.
International Regulatory Balance members are:
Pennsylvania Insurance Commissioner Michael Consedine, New York Life Insurance Co. CFO Michael E. Sproule, John Degnan, senior advisor to the CEO of the Chubb Corp.; New York Department of Financial Services Superintendent Benjamin Lawsky; Scott E. Harrington, Ph. D, of the Wharton School at University of Pennsylvania and a scholar for health policy at the American Enterprise Institute; Connecticut Insurance Commissioner Tom Leonardi, Monica Lindeen, Montana Commissioner of Securities and Insurance and State Auditor; and Sean McGovern, a director and general counsel of Lloyd’s North America, who is the international representative on the panel.