Federal Advisory Committee on Insurance (FACI)
Definition - What does Federal Advisory Committee on Insurance (FACI) mean?
Federal Advisory Committee on Insurance (FACI) is a committee that provides advice and recommendations to the Federal Insurance Office. It is composed of insurance professionals, insurance commissioners, and advocacy group leaders and belongs to the Treasury Department.
Insuranceopedia explains Federal Advisory Committee on Insurance (FACI)
FACI's members usually meet four times a year. Its government and private sector members are selected to provide a balanced membership representing the insurance industry. Other than travel expenses, FACI members are not paid for their time and services.
FACI plays a purely advisory role, meaning that the Federal Insurance Office is not bound to translate FACI recommendations into regulation.
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