On May 9, 2011 the U.S. Department of the Treasury announced that it intends to create a Federal Advisory Committee on Insurance (FACI). The Treasury said that it views the creation of FACI as “one in a series of steps that Treasury is taking to establish the new Federal Insurance Office (FIO) created under the Dodd-Frank Wall Street Reform and Consumer Protection Act.” FACI will provide advice to the FIO and the Treasury.
The Treasury has sent a “Notice of Establishment” of FACI to the Federal Register. The Notice seeks applications for membership on FACI. The application period will be remain open for 15 days from the date of publication in the Federal Register.
The Notice provides that the FIO will share information with FACI as the Director of the FIO determines will be helpful in allowing FACI to carry out its role. Fifteen members will be selected by the Treasury from persons with expertise in the area of insurance and will serve a two-year term. Half of FACI’s membership will be reserved for state insurance regulators. The other 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,” according to the Treasury.
To see a copy of the Notice describing the requirements for the composition of FACI and the application process, click here.
