Treasury Revives Insurance Advisory Committee

The Treasury Department reestablished the Federal Advisory Committee on Insurance ("FACI") to provide advice and recommendations to the Federal Insurance Office ("FIO") from insurance experts, state regulators, and consumer advocates.

According to the notice published in the Federal Register, the Advisory Committee's previous charter had lapsed. Treasury said that FACI helps the FIO monitor the insurance industry, identify regulatory gaps that could trigger financial crises, and consult with state insurance regulators and state legislators on national insurance matters.

Treasury said the committee will "consist of up to 25 members" representing a balanced cross-section of the insurance sector. This includes state and tribal regulators, industry experts such as insurers and brokers, and consumer advocates focused on underserved communities. The group is expected to meet four times a year, and the FIO Director will determine what information is disseminated to the committee for its consideration. The committee was established for "an initial two-year term, subject to subsequent two-year reauthorizations at the discretion of the Secretary of the Treasury."