The composition of the new Federal Insurance Office (FIO) is beginning to crystallize. After naming Illinois Insurance Commissioner Michael McRaith as director of the office in March, the U.S. Treasury Department today announced the creation of the Federal Advisory Committee on Insurance (FACI), which is intended to buttress the FIO by providing “advice, recommendations, analysis, and information.”

The FACI will consist of 15 members with expertise in the area of insurance culled from a diverse array of sources. Members will be selected by the Treasury Department and serve two-year terms.

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