[Federal Register Volume 76, Number 93 (Friday, May 13, 2011)]
[Notices]
[Pages 28129-28130]
From the Federal Register Online via the Government Publishing 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
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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 [email protected] 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