Federal Advisory Committee On Insurance

What Does Federal Advisory Committee On Insurance Mean?

The Federal Advisory Committee on Insurance (FACI) is a committee that offers advice and recommendations to the Federal Insurance Office. It is made up of insurance professionals, insurance commissioners, and leaders of advocacy groups, and it operates under the U.S. Department of the Treasury.

Insuranceopedia Explains Federal Advisory Committee On Insurance

FACI members typically meet four times a year. The government and private sector members are selected to ensure a balanced representation of the insurance industry. Aside from travel expenses, FACI members are not compensated for their time and services.

FACI serves a purely advisory role, meaning that the Federal Insurance Office is not obligated to implement FACI’s recommendations into regulations.