The U.S. Treasury Department is creating a Federal Advisory Committee on Insurance (FACI) and reserving half of the seats for state insurance regulators.
The other FACI members “will represent a diverse range of perspectives from, for example, the property and casualty insurance industry, the life insurance industry, the reinsurance industry, the agent and broker community, public advocates, and academia,” Treasury Department officials say.
Officials say in an FACI notice that will appear in the Federal Register that they may appoint up to 15 FACI members. Once the notice appears in the Federal Register, applicants will have 15 days to submit their applications.
Creating the FACI is one of the steps the Treasury Department is taking to implement the provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act that established the new Federal Insurance Office (FIO), officials say.
The new committee will advise the FIO and the Treasury Department, and it will help the incoming FIO director, Michael McRaith, carry out his responsibilities on the the Financial Stability Oversight Council (FSOC), officials say.
“Through the committee, the FIO and the Treasury will benefit from the deep knowledge and regulatory experience of state insurance regulators, as well as the perspective of industry experts, academics, and other stakeholders and affected constituencies,” officials say.