U.S. Treasury Creates Committee to Advise on Insurance Issues

The U.S. Treasury Department said it will create a panel to advise regulators on insurance issues after the industry complained it wasn’t getting enough input on the Financial Stability Oversight Council.

The Federal Advisory Committee on Insurance will advise the Treasury Department and the director of the new Federal Insurance Office, the Treasury said in a statement today.

Industry groups, including the Property Casualty Insurers Association of America, have said insurance companies need greater representation on the oversight council, a group of regulators created to prevent another financial crisis.

To contact the reporters on this story: Ian Katz in Washington at ikatz2@bloomberg.net; Rebecca Christie in Washington at rchristie4@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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