The Federal Advisory Committee on Insurance (FACI) has gotten its charter renewed for two more years. FACI's original two-year charter was up Aug. 4. The new charter was renewed until July 29, 2015.
The advisory group, headed by Federal Insurance Office (FIO) Director Michael McRaith, has met publicly about five times, although records are not complete, and has had many interim phone calls. Its next scheduled open meeting is Sept. 18.
The group has briefed or been briefed on affordability issues, demographics, National Flood Insurance Program challenges, influence of credit rating agencies, responses to Superstorm Sandy and the use of captive vehicles by life insurers to parcel out excess reserves.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
