Last week, the Federal Advisory Committee on Insurance (FACI) held its last meeting of 2022 to discuss important insurance issues. Big “I" member Quincy Branch is a member of FACI, and this meeting was the last time he will participate with the group because his term has ended. 

Since 2017, Branch has served as the sole voice on FACI for insurance agents and brokers and has been a valuable member of the committee providing unique and key advice to the U.S. Treasury on a variety of policy issues that impact Big “I" members. The Big “I" has been lucky to have such a strong advocate for agents and Branch will certainly be missed by all on the committee. 

During the meeting, committee members received an update from Federal Insurance Office (FIO) staff on its climate-related work, which revolves around three main priorities: Assessing climate-related gaps in supervision or regulation of charters, assessing the potential for disruptions of private coverage in U.S. markets, and increasing FIO's engagement holistically in climate-related goals. 

Additionally, FACI members received a presentation from Neil Arklie, head of cyber underwriting at Lloyds, on the state of the cyber insurance market. 

FACI was created in 2011 as part of the Dodd-Frank Wall Street Protection Act to provide advice to the FIO and Treasury on critical insurance issues. The Big “I" will continue to engage diligently with the Treasury on issues that impact its members. 

Joseph Cortina is staff administrator, Big “I" crop insurance task force.