Have insurance experience, insights? The Federal Reserve seeks new members for committee

Got a broad, diverse perspective into the insurance business? The Federal Reserve may have a spot for you.

Late Monday, the agency announced it is seeking individuals with “a diverse set of expert insurance perspectives in life, property and casualty, and reinsurance issues” to serve on its Insurance Policy Advisory Committee (IPAC).

The committee, set up under the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The committee’s role, under the law, is to “provide information, advice, and recommendations to the Fed Board on international insurance capital standards and other insurance issues.” The committee was initially established by the board in 2019.

The Fed said IPAC counts 21 members who serve staggered three-year terms and have diverse professional backgrounds, including insurance accounting, actuarial science, academia, insurance regulation, and policyholder advocacy.

Seven persons are selected each year to each serve three-year terms, the agency said. The Fed Board may select additional individuals to fill any term that is unexpired and vacated by an existing member.

Those selected to serve the latest round of appointments will be announced later this year, the agency said.

Federal Reserve Board announces it is seeking individuals to serve on its Insurance Policy Advisory Committee (IPAC)