Federal Advisory Committee on Insurance, 28129-28130 [2011-11857]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 76, Number 93 (Friday, May 13, 2011)]
[Notices]
[Pages 28129-28130]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-11857]


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DEPARTMENT OF THE TREASURY


Federal Advisory Committee on Insurance

AGENCY: Departmental Offices, Treasury.

ACTION: Notice of establishment of the Federal Advisory Committee on 
Insurance (FACI) and solicitation of applications for committee 
membership.

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SUMMARY: The Treasury Department has determined that it is in the 
public interest to establish the Federal Advisory Committee on 
Insurance. A Charter for the Committee has been prepared and will be 
filed no earlier than 15 days following the date of publication of this 
notice. This notice establishes criteria and procedures for the 
selection of members.

FOR FURTHER INFORMATION CONTACT: C. Christopher Ledoux, Federal 
Insurance Office, Department of Treasury (202) 622-6813.

SUPPLEMENTARY INFORMATION: Pursuant to the Federal Advisory Committee 
Act, (Pub. L. 92-463, 5 U.S.C. App. 2 Sec.  1-16, as amended), the 
Treasury Department intends to establish the following advisory 
committee, pursuant to its Charter:

Title: The Federal Advisory Committee on Insurance (FACI)

    Purpose: The purpose of the Committee is to present advice and 
recommendations to the Federal Insurance Office (FIO) to assist the 
Office in carrying out its duties and authorities. The FIO will benefit 
from the knowledge and regulatory experience of the State and Tribal 
insurance regulators, who are the functional regulators of insurance, 
as well as the experience and perspective of industry experts and 
others.
    Statement of Public Interest: It is in the public interest to 
establish, under the provisions of the Federal Advisory Committee Act, 
the Federal Advisory Committee on Insurance (FACI). The FACI shall be a 
continuing advisory committee with an initial two-year term, subject to 
two-year re-authorizations. The Committee will provide a critical forum 
for State and Tribal insurance regulators and/or officials, 
distinguished members of the property and casualty insurance industry, 
the life insurance industry, the reinsurance industry, the agent and 
broker community, academics, and consumers. These views will be offered 
directly to the Director of the FIO on a regular basis. There exists no 
other source within the Federal government that could serve this 
function.

Background

    The FACI has been formed by the authority under 31 U.S.C. 313(h) 
which authorizes the Secretary of the Treasury to issue orders, 
regulations, policies, and procedures to implement the FIO. In 
addition, the authorities of the FIO are carried out pursuant to the 
direction of the Secretary of the Treasury.
    The FIO was established in Subpart A of the Federal Insurance 
Office Act of 2010 ((31 U.S.C. 313, et seq.), Title V of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, Public Law 111-203, 12 
U.S.C. 5301 et seq. (July 21, 2010)). The FIO's authorities extend 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. Generally, the duties and the 
authorities of the FIO are:

--The FIO advises the Secretary of the Treasury on major domestic and 
prudential international insurance policy issues.
--The FIO Director serves as a non-voting member of the FSOC in an 
advisory capacity. The FIO has the authority to recommend to the FSOC 
that FSOC designate an insurer (including affiliates) to be an entity 
subject to regulation as a nonbank financial company supervised by the 
Board of Governors of the Federal Reserve.
--The FIO monitors all aspects of the insurance industry, including 
identifying issues or gaps in the regulation of insurers that could 
contribute to a systemic crisis in the insurance industry or the U.S. 
financial system.
--The Director also plays a role in authorizing the resolution of any 
insurance companies subject to regulation as a nonbank financial 
company.
--The FIO coordinates and develops Federal policy on prudential aspects 
of international insurance matters, including representing the United 
States, as appropriate, in the International Association of Insurance 
Supervisors (or a successor entity), and assisting the Secretary (with 
the United States Trade Representative) in negotiating certain written 
bilateral or multilateral agreements regarding prudential insurance 
measures with respect to the business of insurance or reinsurance. The 
Office assists the Director in determining whether State insurance 
measures are preempted by such agreement or agreements.
--The FIO monitors the extent to which traditionally underserved 
communities and consumers, minorities, and low- and moderate-income 
persons have access to affordable insurance products regarding all 
lines of insurance, except health insurance.
--The FIO assists the Secretary of the Treasury and other officials in 
administering the Terrorism Risk Insurance Program.
--The FIO also performs such other related duties and authorities as 
may be assigned to it by the Secretary of the Treasury.
--In carrying out these functions, the Office may receive and collect 
data and information on and from the insurance industry and insurers; 
enter into information-sharing agreements; analyze and disseminate data 
and information; and issue reports regarding all lines of insurance 
except health insurance.

Objective, Scope and Description of the Committee

    The Committee will advise the FIO on issues related to the 
responsibilities of the office.
    The FACI shall provide its advice, recommendations, analysis, and 
information directly to the FIO. The FIO

[[Page 28130]]

may share the FACI's advice and recommendations with the Secretary of 
the Treasury or other Treasury officials. The FIO will share 
information with the FACI as the Director determines will be helpful in 
allowing the FACI to carry out its role. Members will be selected by 
the Department from persons with expertise in the area of insurance. 
Members will be appointed to serve a two-year term. Members will be 
drawn from State and Tribal insurance regulators and/or officials, 
industry experts, and others who possess relevant expertise and/or who 
are familiar with or representative of affected constituencies.
    Appointments will be made with the objective of creating a diverse 
and balanced body with a variety of interests, backgrounds, and 
viewpoints represented. The FACI shall consist of not more than 15 
members.
    The Committee will be chaired by a member selected by the FIO and 
Treasury officials.
    The Committee will function for a two-year period before renewal or 
termination. It will meet periodically, generally four times per year, 
in Washington, DC.
    The meetings are open to public observers, including the press, 
unless prior notice has been provided for a closed meeting.
    No person who is a Federally-registered lobbyist may serve on an 
advisory committee. Membership on the Committee is personal to the 
appointee. Regular attendance is essential to the effective operation 
of the Committee.

Application for Advisory Committee Appointment

    There is no prescribed format for the application. Applicants may 
send a cover letter describing their interest, reasons for application, 
and qualifications, and should enclose a complete professional 
biography or resume.
    Some members of the FACI may be required to adhere to the conflict 
of interest rules applicable to Special Government Employees as such 
employees are defined in 18 U.S.C. section 202(a). These rules include 
relevant provisions in 18 U.S.C. related to criminal activity, 
Standards of Ethical Conduct for Employees of the Executive Branch (5 
CFR part 2635), and Executive Order 12674 (as modified by Executive 
Order 12731).
    In accordance with Department of Treasury Directive 21-03, a 
clearance process including, fingerprints, annual tax checks, and a 
Federal Bureau of Investigation criminal check. Applicants must state 
in their application that they agree to submit to these pre-appointment 
checks.
    The application period for interested candidates will extend to May 
31, 2011.
    Applications should be submitted in sufficient time to be received 
by the close of business on the closing date and be addressed to e-mail 
address conrad.ledoux@treasury.gov or by mail to: The Federal Insurance 
Office, Department of the Treasury, 1500 Pennsylvania Avenue, NW., 
Washington, DC 20220-0002, Attention: FACI.

    Dated: May 4, 2011.
Jeffrey A. Goldstein,
Under Secretary for Domestic Finance.
[FR Doc. 2011-11857 Filed 5-12-11; 8:45 am]
BILLING CODE 4810-25-P