[Federal Register Volume 79, Number 6 (Thursday, January 9, 2014)]
[Notices]
[Pages 1672-1673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-00137]
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DEPARTMENT OF THE TREASURY
Application for Membership on the Federal Advisory Committee on
Insurance
AGENCY: Departmental Offices, Treasury.
ACTION: Solicitation of applications for membership on the Federal
Advisory Committee on Insurance (FACI).
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SUMMARY: The charter of the FACI was renewed for a two-year period
beginning July 29, 2013. As part of the charter's renewal, the number
of members that may serve on the FACI was increased from 15 to 21. The
Department of the Treasury (Treasury) seeks applications from
individuals who wish to serve on the FACI.
FOR FURTHER INFORMATION CONTACT: James P. Brown, Senior Policy Advisor
to the Federal Insurance Office, Room 2100, Department of the Treasury,
1425 New York Avenue NW., Washington, DC 20220, at (202) 622-6910 (this
is not a toll-free number).
SUPPLEMENTARY INFORMATION: Pursuant to the Federal Advisory Committee
Act,\1\ Treasury established a Federal Advisory Committee on Insurance
(FACI) to present advice and recommendations to the Federal Insurance
Office (FIO) in performing its duties and authorities.
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\1\ Public Law 92-463, 5 U.S.C. App. 2 sections. 1-16, as
amended.
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(I) Authorities of the FIO
The Federal Insurance Office Act of 2010 established the FIO within
Treasury. In addition to advising the Secretary of the Treasury
(Secretary) on major domestic and prudential international insurance
policy issues and serving as a non-voting member on the Financial
Stability Oversight Council, FIO's authorities include, among others,
to:
Monitor 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 United
States financial system;
monitor the extent to which traditionally underserved
communities and consumers, minorities, and low- and moderate-income
persons have access to affordable insurance products
[[Page 1673]]
regarding all lines of insurance, except health insurance;
recommend to the Council that it designate an insurer,
including the affiliates of such insurer, as an entity subject to
regulation as a nonbank financial company supervised by the Board of
Governors of the Federal Reserve System;
coordinate federal efforts and develop federal policy on
prudential aspects of international insurance matters, including
representing the United States, as appropriate, in the International
Association of Insurance Supervisors and assisting the Secretary in
negotiating covered agreements; and
consult with the states (including state insurance
regulators) regarding insurance matters of national importance and
prudential insurance matters of international importance.
(II) Scope and Membership of the FACI
The FACI was established to provide an opportunity for state
insurance regulators, representatives from the insurance and
reinsurance industry, academics, and consumers to offer views directly
to FIO on a periodic basis. The FACI may provide advice,
recommendations, analysis, and information to FIO covering specific or
general insurance topics, processes, studies, and reports. The duties
of the FACI shall be solely advisory and any advice and recommendations
of the FACI shall be non-binding to FIO.
The FACI is a continuing advisory committee that was established on
August 4, 2011 for a two-year term. Beginning July 29, 2013, the
charter of the FACI was renewed for an additional two-year term. The
charter reauthorizing the FACI increased the maximum number of FACI
members from 15 to 21.
Treasury increased the potential size of the FACI's membership to
allow participation of the broad diversity within the insurance
sector.Providing additional diversity to the FACI membership will
enhance the views and advice offered by the FACI.
(III) Application for FACI Appointment
Treasury seeks applications from individuals representative of a
constituency within the insurance sector to serve on the FACI. The
terms of members chosen to serve may vary from one to three years. No
person who is a federally-registered lobbyist may serve on the FACI.
Some members of the FACI may be required to adhere to the conflict of
interest rules applicable to Special Government Employees as defined in
18 U.S.C. 202(a).
To apply, an applicant must submit an appropriately detailed
resum[eacute] and a cover letter that includes a description of the
applicant's reason for applying. An applicant must state in the
applicant's materials that he or she agrees to submit to a pre-
appointment tax and criminal background investigation in accordance
with Treasury Directive 21-03. Applications should be addressed to
James Brown and sent via email to [email protected]. The
deadline for submitting applications is February 10, 2014.
Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2014-00137 Filed 1-8-14; 8:45 am]
BILLING CODE 4810-25-P