A.M.BestTV: Federal Advisory Committee Examines Cyber, Retirement and Terror Issues

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FOR IMMEDIATE RELEASE

OLDWICK - FEBRUARY 13, 2015 02:55 PM (EST)
This ^A.M.BestTV episode examines the first meeting of the Federal Advisory Committee that took place in Washington, D.C. on February 10. At the meeting, insurance regulators, industry leaders and educators outlined the issues confronting the insurance sector.

A main focus of the meeting was retirement security, since over the next few years a high influx of baby boomers will be retiring, placing a major strain on entitlement programs. Additionally, many Americans will not have saved enough to sustain themselves during retirement. Therefore, the Obama Administration has proposed a new program titled, "My Retirement Account" (MYRA), which would be no-cost or low-cost retirement accounts backed by the U.S. Treasury.

At the meeting, Mark Iwry, deputy assistant secretary of retirement and health policy at the U.S. Department of Treasury, said, "MYRA will not interfere or compete with the 401k program. On the contrary, it is intended to round out the 401k as well as encourage more people to contribute to retirement savings plans."

Another hot topic: the extension of the federal terrorism insurance backstop through 2020.

"It was extremely important for our country and the industry to reauthorize the Terrorism Risk Insurance Act of 2002, since both were at a high risk during the period when the coverage lapsed," said David Herzog, executive vice president at American International Group, Inc.

Other people who appear in this episode include:

• Michael McRaith, director, Federal Insurance Office;


• Sarah Bloom Raskin, deputy secretary, U.S. Department of the Treasury;


• George Keiser, representative, North Dakota House of Representatives; and,


• Jim Szostek, vice president of taxes and retirement security, American Council of Life Insurance.

Click here to view the entire video program: http://www.ambest.com/v.asp?v=faci215.

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^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

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