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Treasury Names 21 to FACI; McRaith Critic Leonardi Out

The Treasury Department has named 21 individuals including state regulators, insurance executives, college professors and consumer advocates to serve as members of the Federal Advisory Committee on Insurance...
August 7, 2014

The Treasury Department has named 21 individuals including state regulators, insurance executives, college professors and consumer advocates to serve as members of the Federal Advisory Committee on Insurance (FACI). The FACI, headed by former Illinois insurance commissioner Michael McRaith, advises the Federal Insurance Office (FIO). The new appointments expand the advisory group from the original membership of 15.

In 2011, the National Conference of Insurance Legislators (NCOIL), a group of state lawmakers who serve on committees dealing with insurance, criticized the lack of state insurance lawmakers on the advisory board. With the new appointments, one elected state legislator, George Keiser from North Dakota, was added. Missing from the new roster is previous FACI member Thomas Leonardi, insurance commissioner of Connecticut. Leonardi has been an outspoken critic of the FIO.

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