The Federal Advisory Committee on Insurance (FACI) members heard a variety of presentations and discussed several issues that are top of mind for regulators, policymakers and agents.
Last week, the Federal Advisory Committee on Insurance (FACI) convened a quarterly committee meeting to discuss a number of pertinent issues impacting the insurance industry.
Big “I" member Quincy Branch, who has served as the sole voice for independent agents and brokers on the FACI committee since 2017, participated in the meeting. This was FACI's first in-person meeting since before the COVID-19 pandemic.
During the meeting, FACI members heard a variety of presentations and discussed several issues that are top of mind for regulators, policymakers and agents. Most of the meeting focused on International Capital Standards (ICS) and, specifically, a paper on ICS Standards published by Pooja Rahman, chief risk officer at Protective Life, and Aaron Sarfatti, chief risk officer at Equitable.
Additionally, FACI members heard presentations on wildfire risk from Dan Kaniewski, managing director, public sector at Marsh Solutions, and Amy Bach, executive director at United Policyholders, and a presentation on cyber insurance issues by Neal Higgins, deputy national cyber director for National Cybersecurity in the Office of the National Cyber Director.
FACI was created in 2011 as part of the Dodd-Frank Wall Street Protection Act to provide advice to the Federal Insurance Office and Treasury on critical insurance issues. Other notable FACI members include Dan Glaser, CEO of Marsh, and Damon Hart, executive vice president & chief legal officer at Liberty Mutual.
Branch and the Big “I" are vital members of the committee and will continue to serve as a voice for independent agents across the country.
Joseph Cortina is staff administrator, Big “I" crop insurance task force.