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Friday, August 9, 2013

FACI Renewed by Treasury for 2 More Years

The Federal Advisory Committee on Insurance (FACI), which is headed by the Federal Insurance Office (FIO) Director Michael McRaith, was established by the Dodd-Frank Act as an advisory group to the FIO in order to assist and provide recommendations to the FIO.

FACI's original charter, which expired on August 4th, has been renewed by Treasury until July 29, 2015. FACI has many subgroups that examine issues such as the practices of captive insurers, affordability of products to underserved communities and consumers, the operations of credit rating agencies, and the National Flood Insurance Program (NFIP).

At the most recent FACI meeting, McRaith again indicated that the FIO's overdue report to Congress on insurance modernization would be released "sometime this summer."

Learn more about FACI.