U.S. Department of the Treasury

Mission Statement

The Federal Advisory Committee on Insurance (FACI) provides advice and recommendations to assist FIO in carrying out its statutory authority.

The FIO was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FIO's authority extends to all lines of insurance except health insurance, long-term care insurance (except that which is included with life or annuity insurance components), and crop insurance.

The FACI shall provide its advice and recommendations directly to the FIO. The FACI will conduct its work in coordination with the FIO.

Resources

• List of FACI Members
• List of Recommendations to FIO
• 2023 Charter
• 2021 Charter
• 2019 Charter
• 2017 Charter
• 2015 Charter
• 2013 Charter
• 2011 Charter
• By-Laws
• Dodd Frank
• Public comments may be submitted or obtained by submitting a request to FACI@Treasury.gov

Subcommittees

• Availability of Insurance Products
• FIO's International Work
• Climate Related Financial Risk 

Meetings

The FACI will hold four meetings in 2024, on March 20, June 4, September 26, and December 12.  More information on each meeting will be posted approximately 3 days prior to the meeting.

June 2024

• Meeting Webcast (6/4/24 at 1:00 pm EDST)
• June 2024 Meeting Minutes
• June 2024 Meeting Agenda
• George Nichols III Presentation on Financial Inclusion and the Insurance Sector
• FIO and NSF Presentation on Industry-University Cooperative Research Center (IUCRC) for Terrorism and Catastrophic Cyber Insurance Modeling and Underwriting
• AM Best Presentation on Property & Reinsurance Market Update
• FIO Presentation on IAIS Next Steps on the Insurance Capital Standard and the Aggregation Method Comparability

March 2024

• Meeting Webcast (3/20/24 at 2:00 pm EDST)
• March 2024 Meeting Minutes
• March 2024 Meeting Agenda 
• FIO Climate Briefing Presentation
• S&P Global Ratings Presentation on the U.S. Life Insurance Sector
• David Maurstad Presentation on the National Flood Insurance Program
• Deloitte Presentation on AI Imperatives for the Insurance Industry
• EY Presentation on Responsible AI for Insurance Industry
• FIO Presentation on the Upcoming IFTRIP Conference in Washington DC   

December 2023

• December 2023 Meeting Agenda
• Meeting Webcast (12/13/23 at 1:00 pm EST)
• December 2023 Meeting Minutes
• FIO Presentation on FIO/NYU Conference on Catastrophic Cyber Risk and a Potential Federal Insurance Response

September 2023

• September 2023 Meeting Agenda
• Meeting Webcast (9/26/23 at 1:30 pm EDST)
• September 2023 Meeting Minutes
• Moody's US Life Insurance Overview Presentation
• FIO Climate Report Presentation
• Oliver Wyman Presentation on Colorado Homeowners' Insurance
• NIST Presentation on Cybersecurity Framework 2.0

June 2023

• Meeting Webcast (6/1/23 at 1:30 pm EDST)
• June 2023 Meeting Agenda
• June 2023 Meeting Minutes
• ACORD Presentation on Insurance Digital Maturity & Future of Technology in Insurance
• FIO Presentation on IAIS Key Projects & Workstreams

March 2023

• March 2023 Meeting Agenda
• Meeting Webcast (3/29/23 at 1:30 pm EDST)
• March 2023 Meeting Minutes
• COVID Requirements
• Summary of Comments to Catastrophic Cyber RFI (29 March 2023)
• AM Best Market Update
• AM Best Market Update (v.2)

December 2022

• Meeting Webcast (12/8/22 at 1:00 pm EST)
• December 2022 Meeting Minutes
• December 2022 Meeting Agenda
• Presentations
  • Presentation by the Federal Insurance Office: Update on FIO’s Climate-related work
  • Lloyd’s Presentation on the Cyber Insurance Market

September 2022

• September 2022 Meeting Video
• September 2022 Meeting Agenda
• September 2022 Meeting Minutes
• Presentations
  • Presentation on the Insurance Policy Advisory Committee (IPAC) Report on the Potential Impact of the ICS on the U.S. Life Insurance Industry, Policyholders, and Markets
  • United Policyholders Presentation, Hot Topic: Wildfire Risk and Insurance Markets
  • Marsh McLennan Presentation, Innovative Risk Transfer Solutions: Reducing Disaster Risks and Building Resilience for Wildfires
  • FIO Presentation on Request for Comments on a Potential Federal Insurance Response to Catastrophic Cyber Incidents
• Presenter Reference Materials
  • FIO Request for Comment on a Potential Federal Insurance Response to Catastrophic Cyber Incidents 

June 2022

• June 2022 Meeting Video
• June 2022 Meeting Agenda
• June 2022 Meeting Minutes 
• Update on the International Association of Insurance Supervisors: Federal Insurance Office
• Update on the Terrorism Risk Insurance Program: Federal Insurance Office
• Insurance Sector and Climate-Related Financial Risk: Federal Insurance Office

February 2022

• February 2022 Meeting Video 
• February 2022 Meeting Agenda 
• February 2022 Meeting Minutes

December 2021

• December 2021 Meeting Video
• December 2021 Meeting Agenda
• December 2021 Meeting Minutes
• Materials
  • Presentations
    • Federal Insurance Office, Insurance Sector and Climate-Related Financial Risk: Federal Insurance Office Request for Information 
  • Proposed Recommendations for FACI Consideration
    • Wildfire Risk Recommendations

September 2021

• September 2021 Meeting Video
• September 2021 Meeting Agenda 
• September 2021 Meeting Minutes
• Materials
  • Presentations
    • Robert Gordon and Bob Hartwig, APCIA, Consumer Behavior, the Macroeconomy, and the Uninsurability of Pandemic-Related Business Income Losses
    • Martin South, Marsh, Building Pandemic Resilience Through Public-Private Partnership
  • Presenter Reference Materials
    • Marsh, Building Pandemic Resilience Through Public-Private Partnership Report
    • RAND Corporation, Improving the Availability and Affordability of Pandemic Risk Insurance
    • Committee on Capital Markets Regulation, Pandemic Business Interruption Insurance
  • Proposed Recommendations for FACI Consideration
    • Premium Payment Relief Principles

June 2021

• June 2021 Meeting Video
• June 2021 Meeting Agenda
• June 2021 Meeting Minutes
• Materials
  • Presentations:
    • Federal Insurance Office, Personal Auto Insurance:  FIO Request for Information
    • Sean McGowan, Federal Emergency Management Agency, Earthquakes at Altitude
    • Roy Wright, Insurance Institute for Business & Home Safety, Building the Future of Resilience
  • Presenter Reference Materials:
    • FIO, Request for Information on Monitoring the Availability and Affordability of Auto Insurance; Assessing Potential Evolution of the Auto Insurance Market
    • Mitigation Framework Leadership Group, National Mitigation Investment Strategy
    • Federal Emergency Management Agency, Wasatch Front Unreinforced Masonry Risk Reduction Strategy
  • Proposed Recommendations for FACI Consideration:
    • Principles for Life Insurance Premium Relief
    • Availability/Affordability Studies (note:  includes report from the Availability subcommittee on additional recent work)

February 2021

• February 2021 Meeting Video
• February 2021 Meeting Agenda
• Materials
  • International Subcommittee Materials:
    • Presentation on Proposed Recommendation and RFI on the Insurance Capital Standard
    • White Paper:  Perspectives on the Request for Information on a FIO Study of the Insurance Capital Standard
    • Dissenting View on Recommendations by Subcommittee Member Birny Birnbaum, Center for Economic Justice
  • Availability Subcommittee Materials:
    • Suggested 2021 Workstreams
  • Proposed Recommendation for FACI Consideration:
    • Market Access / Level Playing Field:  Key Challenges for International Insurers (Data Flow)
• February 2021 Meeting Minutes

December 2020

• December 2020 Meeting Video
• December 2020 Meeting Agenda
• Materials
  • Presentation:
    • Burcu Kilic, Public Citizen, Consumer Privacy, Trust and Digital Trade
  • Presenter Reference Materials:
    • APCIA, IIABA, and NAMIC, Business Continuity Protection Program
    • Business Continuity Coalition, Principles for Legislative Solution for Pandemic Insurance Coverage
    • Business Continuity Coalition, Statement of the Business Continuity Coalition at the Hearing on "Insuring against a Pandemic:  Challenges and Solutions for Policyholders and Insurers"
    • Chubb, Pandemic Business Interruption Program
    • Zurich, Draft Concept for Facilitating Pandemic Protection
  • COVID-19 Subcommittee (Preparedness Workstream) Materials:
    • Presentation on Proposed Recommendations
  • International Subcommittee Materials:
    • Presentation on Proposed Recommendations
    • White Paper: Market Access/Level Playing Field: Key Challenges for International Insurers
    • Comments of Birny Birnbaum in Response to Subcommittee White Paper
  • Proposed Recommendations for FACI's Consideration:
    • Emerging Lessons, Ensuring Resiliency in the Event of Pandemic, Premium Grace Period Principles, and Temporary Regulatory Relief that Should Be Made Permanent
    • Market Access/Level Playing Field: Key Challenges for International Insurers
• December 2020 Meeting Minutes

September 2020

• September 2020 Meeting Video
• September 2020 Meeting Agenda of September2020 Meeting
• Materials
  • Presentations:
    • Robert Hartwig, University of South Carolina, COVID-19:  The Insurability of Pandemic Risk & Market Implications for the P/C Insurance Industry
    • Lloyd Dixon, RAND, Key Questions to Ask in Designing a Pandemic Risk Insurance Program
    • L. Charles Landgraf, Arnold & Porter, Insurance Solutions for Pandemics
  • Presenter Reference Materials:
    • Robert Hartwig and APCIA, Uninsurability of Mass Market Business Continuity Risks from Viral Pandemics (2020)
    • Robert Hartwig, Greg Niehaus, and Joseph Qiu, Insurance for Economic Losses Caused by Pandemics (2020)
    • Lloyd Dixon and Bethany Saunders-Medina, Key Questions to Ask in Designing a Pandemic Risk Insurance Program (2020)
    • Lloyd Dixon and Bethany Saunders-Medina, Is It Time for a Federal Pandemic Insurance Program? (2020)
    • Lloyd Dixon and Bethany Saunders-Medina, Tapping Business Interruption Insurance Coverage to Assist Small Business During the COVID-19 Pandemic:  Benefits and Drawbacks (2020)
    • BCC Proposal:  A Proposal from the Policyholder Community
  • COVID-19 Subcommittee (Protection Workstream) Materials:
    • Pandemic Solution Comparison Chart
    • Marsh, Pandemic Risk Protection Report (2020)
  • Availability Subcommittee Materials:
    • HUD Reconsideration of Public Comments, Application of the Fair Housing Act's Discriminatory Effects Standard to Insurance (October 2016)
    • HUD Final Rule, HUD's Implementation of the Fair Housing Act's Disparate Impact Standard
    • Discussion Draft with Proposed Recommendations from May 27 Subcommittee Meeting
    • Response of the American Property Casualty Insurance Association to the May 27 Discussion Draft
  • Proposed Recommendations for FACI Consideration:
    • Study Impact of Systemic Racism and Inherent Bias in Insurance Markets
    • FIO Activities Arising from the Federal Interagency Task Force on Long-Term Care Insurance
• September 2020 Meeting Minutes

June 2020

• June 2020 Meeting Video
• June 2020 Meeting Agenda of June 2020 Meeting
• Materials
  • Presentation:
    • California Earthquake Authority Presentation on Brace+Bolt Program
• June 2020 Meeting Minutes of June 2020 Meeting
  MinuMMaaa

February 2020

• February 2020 Meeting Agenda of February 2020 Meeting
• February 2020 Meeting Audio of February 2020 Meeting
• February 2020 Meeting Minutes of February 2020 FACI Meeting

December 2019

• December 2019 Meeting Agenda of December 2019
• December 2019 Meeting Video
• Materials
  • Availability Subcommittee Materials:
    • Background Memo of Availability Subcommittee
  • Protection Gap Subcommittee Materials:
    • Revised Presentation/Outline of Protection Gap Subcommitte
  • Proposed Recommendations for FACI Consideration:
    • Insurance Capital Standard of International Subcommittee
    • Addressing the Protection Gap of Protection Gap Subcommittee
• December 2019 Meeting Minutes of December 2019 Meeting

September 2019

• September 2019 Meeting Agendaof September 2019
• September 2019 Meeting VideoSeptember 2019
• Materials
  • Protection Gap Subcommittee Materials:
    • Discussion Draft on Addressing the Protection Gap
  • Proposed Recommendations for FACI Consideration:
    • ​Insurance Capital Standard, Holistic Framework for Systemic Risk Assessment, and Market Access
• September 2019 Meeting Minutes of September 2019

June 2019

• June 2019 Meeting Ag​endaof June 2019
• June 2019 Meeting VideoJune 2019
• June 2019 Meeting MinutesJune 2019

April 2019

• April 2019 Meeting Agendaof April 2019
• April 2019 Meeting VideoApril 2019
• April 2019 Meeting MinutesApril 2019

September 2018

• September 2018 Meeting Agendaof September 2018
• September 2018 Meeting Video​September 2018
• Materials
  • Guy Carpenter and Fermat Capital Presentation on Public Sector Risk and Risk Transfer
• September 2018 Meeting MinutesSeptember 2018

May 2018

• May 2018 Meeting Agendaof May 2018
• May 2018 Meeting Video​May 2018
• Materials
  • ​Oliver Wyman Presentation on InsurTech
  • Joint Presentation on the City of Hartford's InsurTech Hub
  • B3i Presentation on Blockchain Technology
  • Eversheds Sutherland Presentation on Auto Insurance and Autonomous Vehicles
• May 2018 Meeting MinutesMay 2018

February 2018

• February 2018 Meeting Agendaof February 2018
• February 2018 Meeting Video​February 2018
• Materials
  • ​University of Massachusetts Boston Presentation on the Long Term Care Insurance Marketplace
  • FireEye Presentation on Cyber Risk
  • FEMA Presentation on Natural Catastrophes and Mitigation
  • United Policyholders Presentation on Natural Catastophes and Mitigation
• February 2018 Meeting Minutes February 2018

December 2017

• December 2017 Meeting Agendaof December 2017
• December 2017 Meeting VideoDecember 2017
• Materials
  • New York Department of Financial Services Presentation on Cybersecurity Regulation
  • Florida Farm Bureau Insurance Presentation on the Impact of Recent Natural Catastrophes on Insurers
  • The Hartford Presentation on the Impact of Recent Natural Catastrophes on Insurers
• December 2017 Meeting MinutesDecember 2017

August 2017

• August 2017 Meeting Agendaof August 2017
• August 2017 Meeting VideoAugust 2017
• Materials
  • Marketplace Update
  • Marketplace Update LIMRA
  • Ethical Considerations of Data Aggregation
  • Artificial Intelligence
  • Cyber Coverage and ERM
  • Cyber Underwriting AIG
  • Cyber Underwriting XL
• August 2017 Meeting Mi​nutesAugust 2017

May 2017

• May 2017 Meeting Agendaof May 2017
• May 2017 Meeting VideoMay 2017
• Materials
  • Marsh LLC Presentation on the Cyber Insurance Market
  • PwCStrategy & Presentation on InsurTech & the Future of Insurance
  • TIAA and ACLI Presentation on Infrastructure
  • MetLife Presentation on Infrastructure
  • AIA Presentation on Infrastructure
  • Oliver Wyman Presentation on Infrastructure
• May 2017 Meeting MinutesMay 2017

January 2017

• January 2017 Meeting Agendaof January 2017
• January 2017 Meeting VideoJanuary 2017
• Materials
  • Amica Mutual Insurance Company Presentation on the Emerging Cost Drivers in Auto Insurance
  • McKinsey & Company Presentation on Blockchain Technology in the Insurance Sector
  • National Insurance Crime Bureau Presentation on Insurance Fraud 
  • Center for Economic Justice Presentation on the Opportunities and Challenges to Insurance Regulation and Consumer Protection from Insurers' Use of Big Data
  • Treasury Presentation on the IAIS' Proposed Insurance Capital Standard
• January 2017 Meeting MinutesJanuary 2017

August 2016

• August 2016 Meeting Agendaof August 2016
• August 2016 Meeting VideoAugust 2016
• Materials
  • Treasury Presentation on Impact of the Prolonged Low Interest Rate Environment on the Availability and Affordability of Insurance Products
  • Selective Insurance Group Presentation on Impact of the Prolonged Low Interest Rate Environment on the Availability and Affordability of Insurance Products
  • C. Devine & Associates Presentation on Impact of the Prolonged Low Interest Rate Environment on the Availability and Affordability of Insurance Products
  • KPMG Presentation on Developments of Insurance Issues Related to Autonomous Vehicles
• August 2016 Meeting MinutesAugust 2016

May 2016

• May 2016 Meeting Agendaof May 2016
• May 2016 Meeting VideoMay 2016
• Materials
  • Tom Baker Presentation on the Role of Behavioral Economics in the Insurance Industry
  • Howard Kunreuther Presentation on the Role of Behavioral Economics in the Insurance Industry
  • National Academy of Sciences Presentation on Anti-Discrimination Efforts in Insurance
• May 2016 Meeting MinutesMay 2016

November 2015

• November 2015 Meeting Agendaof November 2015
• Video 1November 2015
• Video 2November 2015
• Materials
  • NFIP Presentation on Affordability In the National Flood Insurance Program
  • GSA Presentation on Third Party Cyber Risk Management
  • Fermat Capital Presentation on Alternative Risk-Sharing Mechanisms
  • Guy Carpenter Presentation on Alternative Risk-Sharing Mechanisms
• November 2015 Meeting MinutesNovember 2015

August 2015

• August 2015 Meeting Agendaof August 2015
• August 2015 Meeting VideoAugust 2015
• Materials
  • Workers' Compensation Research Institute Presentation
  • LIMRA Presentation on Retirement Security
• August 2015 Meeting MinutesAugust 2015

May 2015​

• May 2015 Meeting Agendaof May 2015
• May 2015 Meeting VideoMay 2015
• Materials
  • Presentation on Executive Order 13690
  • New York Department of Financial Services Report on Cyber Security in the Insurance Sector
  • Marsh UK Report on the Role of Insurance in Managing and Mitigating Cybersecurity
• May 2015 Meeting MinutesMay 2015

February 2015

• February 2015 Meeting Agendaof February 2015
• February 2015 Meeting VideoFebruary 2015
• Materials
  • Annuity Puzzle
  • ACLI Presentation on Retirement Security
  • Financial Literacy and Retirement Security Presentation
  • Uber Presentation on Insurance Issues Related to Ride-Sharing
• February 2015 Meeting MinutesFebruary 2015

November 2014

• November 2014 Meeting Agendaof November 2014
• November 2014 Meeting VideoNovember 2014
• Materials
  • NIST Presentation on Cybersecurity Framework
  • NIST Framework Core Sheet
  • Zurich Presentation on Security & Privacy Insurance Market
  • CFA Presentation of Affordability of Auto Insurance
  • CFA High Price of Mandatory Auto Insurance
  • CFA High Price of Auto Insurance Factsheet
  • FIO Presentation on International Workstreams
• November 2014 Meeting MinutesNovember 2014

August 2014

• August 2014 Meeting Agendaof August 2014
• August 2014 Meeting VideoAugust 2014
• Materials
  • How to Modernize and Improve the System of Insurance Regulation in the United States Report
  • FACA and Ethics Presentation
• August 2014 Meeting MinutesAugust 2014

September 2013

• September 2013 Meeting Agendaof September 2013
• September 2013 Meeting VideoSeptember 2013
• Materials
  • Marsh Presentation
  • Lewis Presentation
• September 2013 Meeting MinutesSeptember 2013

June 2013

• June 2013 Meeting Agendaof June 2013
• June 2013 Meeting VideoJune 2013
• June 2013 Meeting MinutesJune 2013
• Materials
  • Birnbaum Memo
  • Captive Memo
  • Degnan Memo
  • PowerPoint Presentation

March 2013

• March 2013 Meeting Agendaof March 2013
• March 2013 Meeting VideoMarch 2013
• March 2013 Meeting MinutesMarch 2013

November 2012

• November 2012 Meeting Agendaof November 2012
• November 2012 Meeting VideoNovember 2012
• November 2012 Meeting MinutesNovember 2012

August 2012

• August 2012 Meeting Agendaof August 2012
• August 2012 Meeting VideoAugust 2012
• August 2012 Meeting MinutesAugust 2012

March 2012

• March 2012 Meeting Agendaof March 2012
• March 2012 Meeting VideoMarch 2012
• March 2012 Meeting MinutesMarch 2012