Federal Advisory Committee on Insurance

• PCI: FIO Disaster-Loss Estimates Pose Challenges

  By Elizabeth Festa, PropertyCasualty360.com, Chad Hemenway, PropertyCasualty360.com  |  April 12, 2013

  President Obama's budget proposal contains language implying the FIO should have the “ability to immediately estimate exposures related to catastrophic events,” and provide it to the federal government.

• Chaney: NFIP 'One Large Event' Away from Needing More Money

  By Arthur D. Postal, PropertyCasualty360.com  |  March 15, 2013

  The flood-insurance program has the money to pay claims resulting from Superstorm Sandy, but is just “one large event” away from needing to ask Congress for more money, a state-insurance regulator is warning.

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  President to Ask for NFIP Borrowing Increase

  By Arthur D. Postal, PropertyCasualty360.com  |  November 16, 2012

  The Obama administration will ask Congress to raise the National Flood Insurance Program’s borrowing authority to $25 billion, according to sources.

• NFIP Official: Program Likely to Need Congress to Authorize Loan for Sandy Claims

  By Arthur D. Postal, PropertyCasualty360.com, Elizabeth Festa, PropertyCasualty360.com  |  November 15, 2012

  The National Flood Insurance Program is likely to run out of money to pay Superstorm Sandy claims, meaning it will probably need Congress to authorize a loan, a FEMA official says.

• New Global Insurer Association Seeks to Present Unified Industry Voice on International Matters

  By Elizabeth Festa, PropertyCasualty360.com  |  October 9, 2012

  The Global Federation of Insurance Associations, a group of 31 associations representing 87 percent of the insurance business globally and much of the U.S. industry, formally established itself as an association and held its first meeting today in Washington at the headquarters of the American Council of Life Insurers.

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  Duperreault to Retire from Marsh & McLennan

  By Mark E. Ruquet, PropertyCasualty360.com  |  September 21, 2012

  Marsh & McLennan Companies, Inc. announced late yesterday that Brian Duperreault, the company’s president and chief executive officer will retire at the end of this year.

• FACI Meeting Addresses State Vs. Federal Concerns on International Standards

  By Elizabeth Festa, PropertyCasualty360.com  |  August 8, 2012

  At its second public meeting on Aug. 6, the Federal Advisory Committee on Insurance (FACI), a private-public consultancy branch of the Federal Insurance Office, signaled it was viewing U.S. insurance regulation through the wide-angle lens of internationalization, and also seeking input on shortcomings and the need for updating state insurance...

• Duperreault Named Chairman of FACI

  April 12, 2012

  Brian Duperreault, president and CEO of Marsh & McLennan Cos., has been named chairman of the Federal Advisory Committee on Insurance (FACI). The announcement was made March 30 by Marsh & McLennan, following the committee’s first meeting.

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  The Week in Quotes

  By Staff Writers  |  April 6, 2012

  Industry leaders comment on topics ranging from a series of tornadoes that struck the Dallas-Fort Worth area, to the Financial Stability Oversight Council approving its final rule on systemically significant non-bank financial institutions.

• McRaith Steers FACI Discussion Away from Pet Issues; Toward Aging Population

  By Elizabeth Festa, PropertyCasualty360.com  |  April 2, 2012

  With the inaugural meeting of the Federal Advisory Committee on Insurance now in the record books, it is clear that at least initially, the group's focus will reflect FIO Director Michael McRaith’s perspective on broad, global themes.

• Duperreault Named Chairman of FACI

  By Staff Writer  |  April 2, 2012

  Brian Duperreault, the president and chief executive officer of Marsh & McLennan Companies, was named chairman of the Federal Advisory Committee on Insurance.

• FIO Advisors to Meet March 30 as Treasury Keeps Overdue Report Close to Vest

  By Elizabeth Festa  |  March 13, 2012

  The first meeting of the Federal Advisory Committee on Insurance has been scheduled at the U.S.Treasury Department, even as interested parties await the report to Congress from Treasury’s Federal Office of Insurance.

• NCOIL Dismayed at FACI Exclusion

  By Arthur D. Postal, PropertyCasualty360.com  |  November 7, 2011

  Officials of the National Conference of Insurance Legislators are in an uproar over not having one of their own on the newly-created Federal Advisory Committee on Insurance.

• Regulators Say Focus Should Be on Risk Concentration, Not Capital Requirements

  By Elizabeth Festa  |  November 4, 2011

  Regulators and others took aim at the idea of using capital requirements as a measurement in solvency and insurance financial-fitness assessments.

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  McRaith Says FIO Will Not Ask for Existing Data; Affirms States as Functional Regulators

  By Arthur D. Postal, PropertyCasualty360.com  |  October 25, 2011

  In his first public appearance since being named Federal Insurance Office director, Michael McRaith sought to alleviate concerns among those in the industry by saying the states would remain the functional regulators of insurance, and that FIO data requests would not be duplicative.

• Consumer Groups Question Role Of Industry-Employed Actuaries On FACI

  By Arthur D. Postal, PropertyCasualty360.com  |  June 30, 2011

  Consumer advocates are questioning whether the Treasury Department should include an actuary as a member of the proposed Federal Advisory Committee on Insurance (FACI), citing a potential conflict of interest, among other concerns.