Indiana State University Newsroom

The director of the recently created Federal Insurance Office (FIO) will deliver the keynote address at the upcoming Insurance Reform Summit in Washington, D.C.

FIO director Michael McRaith will speak at the eighth annual Insurance Reform Summit: An Era of Enhanced Federal Scrutiny, which will take place in the Rotunda Room of the Ronald Reagan Building on March 21. Speakers will discuss issues, legislation and research affecting the insurance industry, including elements of the Dodd-Frank Wall Street Reform and Consumer Protection Act which created the Federal Insurance Office.

"The summit is very timely because it will give us a status report on how the Federal Insurance Office is being established, the scope of the operations that the director sees and is recommending, and whether any legislation to empower activity by the Federal Insurance Office is being proposed or should be anticipated," said Terrie Troxel, executive director of Networks Financial Institute, which is organizing the summit. "The new director will undoubtedly be commenting on the statutorily mandated report that the FIO is to provide to Congress and the president on the role and scope of the office and how insurance regulatory modernization is proceeding."

Congress mandated that the new office submit a report about the "modernization of insurance regulation in the U.S., and the role the federal government should play," Troxel said. More than a month since the deadline passed, the office is expected shortly to submit its report.

Susan Voss, Iowa Insurance Commissioner and past president of the National Association of Insurance Commissioners, and Roy Woodall, voting member of the Financial Stability Oversight Council, will provide the perspective of state and federal regulators.

Peter Gallanis, president of the National Organization of Life and Health Insurance Guaranty Associations; Roger Schmelzer, president of the National Conference of Insurance Guaranty Funds; Leigh Ann Pusey, president and CEO of the American Insurance Association; and Brady Kelley, executive director of the National Association of Professional Surplus Lines Offices will discuss insurance industry perspectives, reactions and priorities to insurance regulation from the Federal Insurance Office.

Ernst & Young's Thomas P. Ward, partner in advisory services, and Richard de Haan, partner in financial services, insurance and actuarial advisory services, will talk about international financial, accounting and regulatory standards. Researchers Robert Klein, associate professor at Georgia State University and director of RMI research, and W. Jean Kwon, faculty chair and professor at St. John's University, will make presentations at the summit.

The summit is sponsored by Faegre Baker Daniels, with additional support from Ernst & Young. More information about the summit, including details on how to register, can be found at www.networksfinancialinstitute.org

Contact: Terrie Troxel, executive director, Networks Financial Institute, Scott College of Business, 812-237-2028 or terrie.troxel@indstate.edu

Writer: Austin Arceo, assistant director of media relations, Office of Communications and Marketing, Indiana State University, 812-237-3790 or austin.arceo-negrich@indstate.edu