Contact: Jake Sunderland, Public Information Officer
Phone: (775) 687-0772
FOR IMMEDIATE RELEASE – 8/5/14
CARSON CITY – The U.S. Department of the Treasury announced the reappointment of Nevada Commissioner of Insurance Scott J. Kipper to serve as a member of the Federal Advisory Committee on Insurance (FACI or Committee). The FACI provides advice to the Federal Insurance Office (FIO) on issues related to the responsibilities and authorities of the office.
“I am honored to be appointed to the Federal Insurance Committee and am pleased to be given the opportunity to represent Nevada and other state insurance commissioners throughout the country on the Committee,” said Commissioner Kipper.
FIO, which was established within Treasury as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, monitors all aspects of the insurance sector, including identifying issues that could contribute to systemic risk in the insurance industry or the U.S. financial system. It also assesses the availability and affordability of insurance to traditionally underserved populations; advises the Secretary of the Treasury on major domestic insurance policy issues; and develops and coordinates federal policy on prudential aspects of international insurance matters.
Treasury has increased FACI membership from 15 to 21 members to provide more representation of the broad diversity within the insurance sector. The members of the FACI represent state insurance regulators and other stakeholders, with backgrounds ranging from consumer advocacy and academia to the business of insurance.
The FACI was first formed in August 2011. In the first two years, members met regularly in open session to address a variety of important national and international insurance matters.
The Committee’s next meeting will occur on August 7, at the U.S. Department of the Treasury in Washington, D.C. At this meeting, FACI members will discuss the Committee’s renewed charter, bylaws, topics of interest for the future attention of the Committee, the FIO's report on insurance modernization, and international developments.
About the Nevada Division of Insurance
The State of Nevada Division of Insurance is a division of the Nevada Department of Business and Industry. It is the state agency that protects the rights of Nevada consumers and regulates Nevada’s $11.5 billion insurance industry. It has offices in Carson City and Las Vegas. In 2013, the Division investigated more than 2,300 consumer complaints and recovered nearly $4.4 million on behalf of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV.