The Federal Reserve Board has announced the names of seven members for its Insurance Policy Advisory Committee (IPAC), roughly five months after its search began. Created by the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018, the committee provides information and advice to the Federal Reserve Board on domestic and international insurance issues, such as the impact of COVID-19 on the industry.

Key Takeaways

  • The Federal Reserve Board's Insurance Policy Advisory Committee (IPAC) was created by the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018.
  • The committee's role is to provide information and recommendations on insurance issues, both foreign and domestic.
  • On Dec. 3, the Fed announced seven individuals to fill vacancies on the committee, three of whom are new appointees and four reappointed members. 

The Seven IPAC Members Will Serve Three-Year Terms

With seven vacancies from the committee’s original lineup of 21 members, the Board announced seven members who will have three-year terms, starting in 2021.

Four of the members were reappointed after their first terms ended:

  • John Bruno, the Auto Club Group
  • Bridget Hagan, Mindset
  • Aaron Sarfatti, AXA Equitable Life
  • Halina von dem Hagen, Manulife

The Board also added three new members to fill the remaining vacancies:

  • Shweta Jhanji, Ameriprise Financial
  • Bryan Pickel, Prudential Financial
  • Sarah Williams, Global Atlantic Financial Company

All IPAC members have expertise in issues related to life insurance, property and casualty insurance, and reinsurance. They also come from a broad range of backgrounds across the insurance industry.