With the inaugural meeting of the Federal Advisory Committee on Insurance (FACI, pronounced "fah-key") now in the record books, it is clear that at least initially, the group's focus will reflect FIO Director Michael McRaith’s perspective on broad, global themes.
McRaith steered the group's first meeting - a nearly 3.5-hour-long conversation between a collection of disparate forces from across the insurance industry - toward one of the overarching trends he believes needs attention: the demographics of Western society, with its growing middle class and aging/longevity issues.
“I hope this committee will be a forum for discussion as we and the U.S. and the Treasury Department face some of these international developments and the macroeconomic issues as well,” McRaith said. “My hope is to have thoughtful discussion on one or two issues of the day; ... we identify four, five, or six high-level issues this committee feels are important. Then we [designate them to a subcommittee or subcommittees to look at issues] of one macro issue,” he said.