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Treasury Renews Federal Advisory Committee on Insurance

Source: BestWeek- Jeff Jeffrey

Posted on 14 Aug 2013 by Neilson

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US Treasury & FIOThe Treasury Department has renewed the Federal Advisory Committee on Insurance's charter through 2015, a Treasury spokeswoman said.

The 13-member committee's charter had been set to expire on Aug. 4. The extension will keep it operating through July 29, 2015.

FACI was formed by the Federal Insurance Office and advises on a number of insurance issues, including the National Flood Insurance Program and natural disaster response. FIO Director Michael McRaith chairs the committee.

Last year, FACI created a subcommittee to study the impact of an aging population and emerging middle class in international markets on international regulations.

To date, FACI has met publicly five times according to Treasury records. Members also hold conference calls in between meetings.

During the most recent meeting on June 12, members discussed global demographic developments, the affordability and accessibility of insurance, international regulations, reinsurance captives and the ongoing response to Hurricane Sandy.

Its next scheduled open meeting is Sept. 18.