U.S. Department of Treasury

Federal Insurance Office

Federal Advisory Committee on Insurance

By-Laws and Operating Procedures

The following By-Laws and Operating Procedures (the “By-Laws”) will govern the operations of 

the Federal Advisory Committee on Insurance (the “FACI”), whose funding and administrative 

support will be provided by the U.S. Department of the Treasury (the “Department”) and its 

Federal Insurance Office (“FIO”).

Section I: Authority

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 

Federal Insurance Office. In addition, the authorities of FIO are carried out pursuant to the 

direction of the Secretary of the Treasury. 

The Federal Advisory Committee Act (Pub. L. 92-463, 5 U.S.C. App. 2 §1-16, as amended)

(“FACA”), governs the creation and operation of advisory committees. In the event of any 

inconsistencies between the By-Laws and FACA (including its implementing regulations), the 

FACI will act in accordance with FACA (including its implementing regulations), as the same 

may be amended from time to time.

Section II: Functions, Objective, Organization and Operation

The functions of the FACI are advisory only.

An objective of the FACI is to provide advice and recommendations to FIO to assist the Office 

in carrying out its duties and authorities. 

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, P.L. 111-

203, 12 U.S.C. 5301 et seq. (July 21, 2010)). 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, FIO’s duties and authorities are:

− Advise the Secretary of the Treasury on major domestic and prudential international 

insurance policy issues. 

− Serve as a non-voting member of the FSOC in an advisory capacity. 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.
− 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 U.S. financial system.

− FIO’s Director also plays a role in authorizing the resolution of any insurance companies 

subject to regulation as a nonbank financial company.

− Coordinate 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 (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. FIO assists the Director in determining whether 

State insurance measures are preempted by such agreement or agreements.

− Monitor 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. 

− Assist the Secretary of the Treasury and other officials in administering the Terrorism 

Risk Insurance Program.

− Perform such other related duties and authorities as may be assigned to it by the Secretary

of the Treasury.

− In carrying out these functions, FIO 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.

The FACI shall provide its advice and recommendations directly to FIO. The FACI will conduct 

its work in coordination with FIO. The Director of FIO will decide what information will be 

disseminated to the FACI for its use and consideration.

Section III: Membership

The FACI shall consist of not more than 21 members, who shall be appointed by the Department, 

from among individuals not employed by the Federal Government. A significant portion of the 

membership shall be reserved for past and present State and Tribal insurance regulators1 and/or 

state officials, and may include the current and immediate past state insurance commissioner 

member of the FSOC. The remaining members will represent a diverse set of expert 

perspectives from the various sectors of the insurance industry (life, P&C, reinsurance, agents 

 1 The term “State and Tribal insurance regulators” means the insurance regulators of the fifty States of the United 

States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the 

Virgin Islands, American Samoa, and federally-recognized tribes.
and brokers), as well as from among academics, consumer advocates, or experts in the issues 

facing underserved insurance communities and consumers.

The composition of the FACI will reflect a diverse set of perspectives from across regulatory 

jurisdictions and industry sectors. The Director of FIO shall designate a Chairperson from 

among the members. The first term of a member that begins after August 1, 2014 may be for a

one, two, or three year term, to provide staggered terms. Thereafter, each member is appointed or 

reappointed for a term of three years. 

In conformity with the Presidential Memorandum of June 18, 2010,

2 no member of the FACI 

shall be a Federally-registered lobbyist. The Director of FIO reserves the ability to replace any 

member who is unable to fully participate in the FACI. Alternate members will not be permitted 

to represent those individuals appointed by the Director of FIO without prior written agreement.

Section IV: Meetings

(A) In General. The FACI shall meet at such regular intervals as necessary to carry out its 

duties. The FACI is expected to meet generally four times per year, in Washington, D.C., at the 

call of the Chairperson and with the approval of the Designated Federal Officer (the “DFO”), or 

at the call of the DFO. An official FACI meeting consists of a quorum of the members 

(including the Chairperson) then serving on the FACI. The DFO shall ensure compliance with 

the requirements of FACA. The Chairperson will preside at all meetings of the FACI, unless the 

DFO presides in accordance with FACA. The presiding officer of the FACI may specify the use 

of rules of parliamentary procedure consistent with the By-Laws. Subject to such reasonable 

guidelines and procedures as the presiding officer of the FACI may adopt, members may 

participate in a meeting by means of conference telephone or similar communications equipment 

if all members can hear or similarly communicate with one another at the same time and 

members of the public entitled to observe such communication can do so. 

(B) Notice. The Department will publish a notice of each meeting in the Federal Register at least 

15 calendar days before the meeting, unless there are exceptional circumstances in which case 

the reason will be included in the Federal Register notice. The notice will include (1) the name 

of the Committee; (2) the time, date, place, and purpose of the meeting; (3) a summary of the 

agenda and/or the topics to be discussed; (4) a statement as to whether all or part of the meeting 

will be open to the public and, if any part is closed, a statement as to why, citing the specific 

statutory provision that serves as a basis for closure; and (5) the name and telephone number of 

the DFO or FIO or Treasury official who may be contacted for additional information concerning 

the meeting. 

(C) Agenda. The Chairperson of the FACI will draft an agenda for each meeting of the FACI

sufficiently in advance of the meeting to permit a copy or summary of the agenda to be published 

with the notice of the meeting, if required. The DFO or the FIO designee will approve the 

agenda for all meetings. The DFO, the Director of FIO (or his or her designee), or support staff

will distribute the agenda to the members before each meeting and will make available copies of 

 2 http://www.whitehouse.gov/the-press-office/presidential-memorandum-lobbyists-agency-boards-and-commissions.
the agenda to members of the public attending the meeting. Items for the agenda may be 

submitted to the Chairperson by any member of the FACI or by any member of the public. 

(D) Quorum. A quorum will consist of a simple majority of the members (including the 

Chairperson) then serving on the FACI. 

(E) Voting. A member must attend a FACI meeting either in person, by telephone or other 

electronic means, to cast a vote. When a decision or recommendation of the FACI is required, 

the presiding officer will request a motion for a vote. Any member may make a motion for a 

vote and vote. No second after a proper motion will be required to bring any issue or 

recommendation to a vote. FACI action based on a vote requires a simple majority of the votes 

cast at a meeting at which there is a quorum, except that formal advice or recommendations to 

FIO requires two-thirds of the votes cast at a meeting at which there is a quorum. 

(F) Open Meetings. Unless otherwise determined in advance, all meetings of the FACI will be 

open to the public either in person as space permits or via electronic means. Once an open 

meeting has begun, it may not be closed for any reason. If, during the course of an open 

meeting, matters inappropriate for public disclosure arise during discussion, the presiding officer

of the FACI will order such discussion to cease and will schedule the matter for closed session in 

accordance with FACA. All materials brought before, or presented to, the FACI during an open 

meeting will be made available to the public for review during the meeting. All such materials 

also will be made available on the Department’s web site as soon as practicable afterwards. The 

Chairperson of the FACI may decide in advance to exclude oral public statements during a 

meeting in which case the meeting notice published in the Federal Register will invite written 

statements as an alternative. Members of the public may submit written statements to the FACI

at any time. 

(G) Activities Not Subject to Notice and Open Meeting Requirements. Consistent with 

FACA regulations, the following activities are excluded from the procedural requirements 

contained in Sections (B) and (F): (a) Preparatory work; meetings of two or more FACI members 

or subcommittee members convened solely to gather information, conduct research, or analyze 

relevant issues and facts in preparation for a meeting of the FACI, or to draft position papers for 

deliberation by the FACI; and (b) Administrative work; meetings of two or more FACI Members 

or subcommittee members convened solely to discuss administrative matters of the FACI or to 

receive administrative information from a Federal officer or agency. 

(H) Closed Meetings. All or parts of meetings of the FACI may be closed in limited 

circumstances in accordance with applicable law. Requests for closed meetings must be 

submitted by the DFO to the Director of FIO (or his or her designee) under FACA, generally at 

least 30 days in advance of the publication of the meeting notice in the Federal Register. The 

appropriate official must determine that closing the meeting is consistent with the provisions of 

the Government in the Sunshine Act. Consistent with and Section III (B)(4), the notice of the 

FACI meeting published in the Federal Register must include information on the closure. 

(I) Hearings. The FACI may hold hearings to receive testimony or oral comments, 

recommendations, and expressions of concern from the public. The FACI may hold hearings at 
open meetings or in closed session in accordance with FACA and the standards in the By-laws 

for closing meetings to the public. The Chairperson of the FACI may specify reasonable 

guidelines and procedures for conducting orderly hearings, such as requirements for submitting 

requests to testify and written testimony in advance and placing limitations on the number of 

persons who may testify and the duration of their testimony. 

(J) Minutes. The DFO will prepare minutes of each meeting of the FACI and submit them to the 

Chairperson of the FACI for certification of their accuracy. The minutes must be certified by the 

Chairperson of the FACI within 90 calendar days of the meeting to which they relate. The DFO 

will distribute copies of the certified minutes to each Member. Minutes of open or closed 

meetings will be made available to the public, subject to the withholding of matters about which 

public disclosure would be harmful to the interests of the Government, industry, or others, and 

which are exempt from disclosure under the Freedom of Information Act. The minutes will 

include a list of the persons who were present at the meeting, and a complete and accurate 

description of the matters discussed and the resolution, if any, made by the FACI regarding such 

matters; and copies of all reports or other documents received, issued or approved by the FACI at 

the meeting. 

Section IV: Officials 

(A) Chairperson. The Chairperson of the FACI is designated by the Director of FIO and 

Treasury officials and serves at the sole discretion of the Director of FIO to perform the duties 

specified in the Charter and the By-Laws. 

(B) Designated Federal Officer. The DFO is designated by the Director of FIO and serves as 

the Department’s agent for matters related to the FACI’s activities. Under FACA, the DFO 

must, among other things, call all meetings of the FACI, attend meetings, and adjourn meetings 

when he or she determines such adjournment is in the public interest. In addition, the DFO is 

responsible for providing adequate staff support to the FACI, DFO and the Chairperson of the 

FACI in performance of the administrative functions, such as: (1) notifying Members of the time 

and place for each meeting; (2) maintaining the roll; (3) preparing the minutes of all meetings of 

the FACI and its subcommittees, as required by FACA; (4) attending to official correspondence; 

(5) maintaining official FACI records, including subcommittee records (if any), as required by 

law; (6) maintaining a webpage for the FACI; (7) acting on behalf of the FIO to collect, validate,

and pay all vouchers for pre-approved expenditures of the FACI authorized by law; and (8) 

preparing and handling all reports (except those required by section 6 of FACA), including the 

annual report of the FACI required to be submitted to the General Services Administration under 

the FACA regulations. 

(D) Support Staff. The Director of FIO (or his or her designee) may determine that FIO staff or 

staff from the Department’s Office of Domestic Finance and other offices within the Department 

may be available to the DFO to provide adequate staff support for the FACI. 
Section V: Subcommittees

The FACI, with the approval of the DFO, may establish such subcommittees as it deems 

necessary to support the FACI’s functions and may appoint members to, and the chairpersons of, 

any subcommittees so convened. The Chairperson of the FACI will be an ex officio member of 

each subcommittee. Each subcommittee shall be established by means of a FACI vote, which 

shall be recorded in writing, whether in the minutes of a meeting or otherwise. Only members of 

the FACI will have the right to vote and make a motion for a vote in a subcommittee. No 

subcommittee will have any authority to provide advice or recommendations (1) directly to FIO 

or any other agency or officer of the Federal Government or (2) to be adopted by the FACI 

without discussion or consideration at an open meeting of the FACI. All activities of the 

subcommittees will be in compliance with FACA, as applicable. 

Section VI: Records 

All documents, reports and other materials prepared by or submitted to the FACI constitute 

official government records and must be maintained and made publicly available in accordance 

with applicable law. 

Section VII: Expenses 

Expenses related to the operation of the FACI that are authorized by law will be borne by the 

Department. Expenses of any kind must be approved in advance by the DFO. 

Section VIII: Amendments 

The By-Laws may be amended from time to time by the affirmative vote of a majority of twothirds of the members (including the Chairperson) then serving.