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Federal Advisory Committee on Insurance Meets

The Federal Advisory Committee on Insurance (FACI) held a meeting on August 6 with Federal Insurance Office director Michael McRaith to discuss several topics following up on an earlier meeting of the group in March
August 14, 2012

The Federal Advisory Committee on Insurance (FACI) held a meeting on August 6 with Federal Insurance Office director Michael McRaith to discuss several topics following up on an earlier meeting of the group in March. FACI was created under the Dodd-Frank Act. Internationalization was the main focus of the meeting, but FACI’s Accessibility of Insurance Subcommittee, chaired by District of Columbia Insurance Commissioner William White, also identified access to insurance as one of the main goals of the subcommittee.

McRaith, as he has many times in the past, reiterated his commitment to working with state regulators to reach a consensus, even as insurance regulation increasingly goes international: “We need to step away from the false dichotomy of state vs. federal and do what’s best for our country. In regard to what’s best for the E.U./U.S. dialog, it’s been a tremendous cooperative success thus far and we will continue our work on a daily basis.” Meanwhile, the Treasury’s much-anticipated study of insurance regulation – which PIA has warned is biased in favor of federal regulation – is still being delayed. The study, also mandated under the Dodd-Frank Act, was supposed to be delivered to Congress in January.