A new Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues is being formed by the Federal Reserve Board under requirement of last year’s regulatory relief law, and the Fed is seeking “statements of interest” in serving on the panel.
The Insurance Policy Advisory Committee (IPAC) was established at the Fed Board last year by section 211(b) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The IPAC will provide information, advice, and recommendations to the Fed Board on international insurance capital standards and other insurance issues.
The panel will have up to 21 individuals who will serve staggered terms of up to three years, the Fed said in an announcement Wednesday. The Fed Board is looking to form a diverse group with expertise in life, property and casualty, and reinsurance issues. It also seeks a mix of professional backgrounds, including in insurance accounting, actuarial science, academia, insurance regulation, and policyholder advocacy.
The panel’s membership will be announced in advance of its first semiannual meeting, which is tentatively set for Nov. 4.
A notice slated for publication in the Federal Register; those who want to serve on the panel have 60 days from the date of publication of that notice to submit their statements of interest.