Academy Urges Federal Insurance Office to Include Actuaries on Advisory Committee

WASHINGTON – In a Jan. 28 letter, the American Academy of Actuaries urges Federal Insurance Office (FIO) Director Michael McRaith to appoint a member or members of the actuarial profession to the reconstituted Federal Advisory Committee on Insurance (FACI).

 

Academy President Tom Terry points out that Academy’s membership includes volunteer actuaries who have provided FIO with relevant and expert knowledge on risk, financial, and insurance issues, which makes them excellent candidates for advising FIO through structured service on the advisory committee.

 

“The U.S. actuarial profession develops and maintains its high level of excellence and professionalism through its peer interactions: advising policymakers based on actuarial principles and methods while also educating and updating its membership on changing policies and improved techniques. Just as we have provided such objective insight to aid the FIO in the fulfillment of its charges on various issues, we have volunteers involved in other areas of federal, state, and international policy across the spectrum of FACI-relevant issues,” Terry writes in the letter.

 

The FACI is mandated by federal regulation to monitor all aspects of the insurance industry, including identifying issues that could contribute to a systemic U.S. financial or insurance crisis.

 

For more information on the Academy, visit www.actuary.org.

 

 

The American Academy of Actuaries is a 17,500-member professional association whose mission is to serve the public and the U.S. actuarial profession. The Academy assists public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States.