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FACI Holds First Meeting, McRaith Still Mum On Report

The Federal Advisory Committee on Insurance (FACI) held its first meeting March 30 and Federal Insurance Office (FIO) Director Michael McRaith appointed Brian Duperreault, president and CEO of Marsh & McLennan Cos. Inc., as chair of the committee
April 3, 2012

The Federal Advisory Committee on Insurance (FACI) held its first meeting March 30 and Federal Insurance Office (FIO) Director Michael McRaith appointed Brian Duperreault, president and CEO of Marsh & McLennan Cos. Inc., as chair of the committee. The members were allowed for the first time to speak with McRaith about the insurance industry-related issues that the FIO should monitor. The FACI would create two subcommittees, including one that would give broad recommendations to the FIO about the aging population and the emerging middle class in international markets. A second subcommittee would address how changes to those demographics impact regulatory and supervisory concerns. The FACI will meet once per quarter, with the next meeting slated for June. Meanwhile, the FIO still has not issued its report on the state of the U.S. insurance market and the role the FIO thinks it should play in it, and McRaith remained quiet about when the report would be released.