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Newly Expanded FACI Holds Meeting in Washington, D.C.

The Federal Advisory Committee on Insurance, an advisory body to the Federal Insurance Office, met in Washington, D.C., to discuss the Committee agenda for the next two years.
August 13, 2014

The Federal Advisory Committee on Insurance (FACI), an advisory body to the Federal Insurance Office (FIO), met in Washington, D.C., to discuss the Committee agenda for the next two years.

The meeting included an open discussion among members to identify areas of interest for FIO consideration. The discussion resulted in over 20 ideas that will be narrowed down to a few before the next FACI meeting, currently scheduled for November 6, 2014. FACI members suggested the FIO consider accessibility and affordability of insurance for consumers, natural disaster strategy, the surplus lines market, state guaranty fund laws, and consumer disclosures, among other issues. The committee also discussed the December 2013 FIO Modernization Report and various international developments.

FIO Director Michael McRaith announced that the FACI International Developments Subcommittee would be chaired by Commissioner Julie McPeak of Tennessee. A second subcommittee on the affordability and accessibility of insurance will be chaired by Birny Birnbaum, executive director of the Center for Economic Justice. FACI members also discussed the possibility of adding additional subcommittees at a later date. Questions regarding FACI can be directed to Jennifer Webb, PIA National counsel & director of regulatory affairs at jennwe@pianet.org.

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