21 Named to Federal Insurance Advisory Committee

The Treasury Department has named 21 individuals including state regulators, insurance executives, college professors and consumer advocates to serve as members of the Federal Advisory Committee on Insurance (FACI).

The FACI provides advice to the Federal Insurance Office (FIO), which was established within Treasury as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FIO is headed by Michael McRaith, former Illinois insurance commissioner.

The FIO monitors the insurance sector, helping to identify 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 underserved populations; advises the Treasury on major domestic insurance policy issues; and develops and coordinates federal policy on international insurance matters.

The FACI was first formed in August 2011 with 15 members. In the first two years, members met to address national and international insurance matters.

Treasury said it has increased FACI membership from 15 to 21 members to provide more representation of the diversity within the insurance sector.

In 2011, the National Conference of Insurance Legislators, a group of state lawmakers who serve on committees dealing with insurance, criticized the lack of state lawmakers on the committee. The new and expanded FACI roster includes one elected state legislator from North Dakota.

The 21 individuals appointed to the Federal Advisory Committee on Insurance on Friday are:

FACI’s next meeting will occur on August 7. At this meeting, FACI members will discuss the committee’s renewed charter, bylaws, topics of interest for the future attention, the FIO’s report on insurance modernization, and international developments.