The U.S. Treasury Department announced today the creation of a new advisory committee on insurance. The committee will be made up of state regulators and industry officials from all over the country. The Department has issued several notices throughout the U.S. inviting those interested in a position within the committee to apply with the Federal Registrar.
The committee is being formed to help the federal government better understand the ramifications of changes made to the existing industry in the country.
The plan has garnered support from some of the nation’s most prolific insurance organizations, such as the American Insurance Association (AIA). AIA spokesman, Blain Rethmeier, says that “anything that brings more knowledge of insurance where there hasn’t been before is a good idea.”
The intimate details of the committee are still under review, but the move to include members of the industry is one that has many breathing a sigh of relief. In the past, such committees were often populated by so-called experts, handpicked by politicians. The new committee’s participants will be those with actual, real world experience as agents, regulators, leaders and teachers.
Bother the Federal Insurance Office and the Treasury Department will be privy to advice from the committee. They will benefit from a depth of knowledge and experience that is unique in the industry and may help form more comprehensive and practical insurance measures for the country.