WASHINGTON (MarketWatch) -- The Treasury Department said it's going to create a federal advisory committee on insurance, the first in a series of steps the Treasury is taking to establish the new Federal Insurance Office, created under the Dodd-Frank Act. Half of the advisory committee will be made up of state and tribal insurance regulators, and the other half will represent different segments of the insurance insurancy as well as public advocates and academia.

The FIO will be responsible for advising on major domestic and prudential international insurance policy, serving as a non-voting member of the Financial Stability Oversight Council, identifying issues or gaps in insurance regulation that could lead to systemic crisis, and advising on any resolution of an insurance company subject to nonbank financial company regulation.


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