CHARTER

FEDERAL ADVISORY COMMITTEE ON INSURANCE

1. Committee's Official Designation (Title). Federal Advisory Committee on Insurance

(FACI).

2. Authority. This Charter is prepared and filed in accordance with the Federal Advisory 

Committee Act (FACA), as amended, 5 U.S.C. App. 

3. Objective and Scope of Activities. The purpose of the FACI is to present advice and 

recommendations to the Federal Insurance Office (FIO) in performing its duties and 

authorities. The advice and recommendations may cover specific or general insurance 

topics, processes, studies and/or reports. FIO's duties and authorities are set out 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). The FACI will conduct its work at the direction of 

FIO. The Director of FIO (or designee), will determine what Treasury information will 

be disseminated to the FACI for its use or consideration.

4. Description of Duties. The duties of the FACI shall be solely advisory and shall extend 

only to the submission of advice and recommendations to FIO, which shall be nonbinding, to FIO. No determination of fact or policy shall be made by the FACI. 

5. Official to Whom the Committee Reports. The FACI reports to FIO’s Director (or 

designee). 

6. Support. FIO, with the assistance of professionals in other offices in the U.S. 

Department of the Treasury, shall provide the necessary support to the FACI. 

7. Estimated Annual Operating Cost and Staff Years. The estimated annual operating 

costs of the FACI are approximately $80,000.00. Annual operating costs include 

reasonable travel expenses for members, 0.25 staff support years, and other operating 

expenses. Members shall not be paid for their time or service on the FACI. Members 

shall be reimbursed for their travel-related expenses to attend meetings in accordance 

with 5 U.S.C. § 5703 (as for persons intermittently in the government service).

8. Designated Federal Officer (DFO). The DFO (or designee) is a full-time federal 

employee who will be appointed by the FIO Director (or designee) and shall be 

responsible for the FACI’s compliance with the requirements of FACA and its 

implementing regulations. The DFO will approve or call all of the meetings of the FACI

and its subcommittee(s) (if any), prepare and approve all meeting agendas, attend all 

FACI and subcommittee meetings, adjourn any meeting when determined to be in the 

public interest, and chair meetings when directed by the FIO Director (or designee). 
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9. Estimated Number and Frequency of Meetings. The FACI shall meet at such intervals 

as are necessary to carry out its duties. It is estimated that the FACI will generally meet 

four times per year.

10. Duration. This is a continuing advisory committee subject to the termination pursuant to 

paragraph 11. 

11. Termination. The authority to utilize this committee expires two years from the date this 

Charter is filed, unless the charter is renewed prior to termination.

12. Membership. The body of the FACI shall consist of up to 25 members. The 

Department of the Treasury shall assure that the FACI reflects balanced membership 

and includes a cross-section of members representative of the views of state and nongovernment persons having an interest in the duties and authorities of FIO, such as: (1)

state and tribal insurance regulators and/or officials, (2) industry experts, and (3) 

consumer advocates, academics, and/or experts in the issues facing insurance 

consumers, including underserved insurance communities and consumers. 

13. Subcommittees. The DFO (or designee) has the authority to create subcommittees that 

must report back to the FACI. The subcommittees, if any, may not provide advice or 

work products directly to FIO or to other offices of the Department of the Treasury. 

14. Recordkeeping. The records of the FACI and its subcommittee(s) will be handled in 

accordance with the General Records Schedule 6.2. The records will be available for 

public inspection and copying, subject to the Freedom of Information Act, 5 U.S.C. 552. 

15. By-Laws. The DFO has the authority to create and amend By-Laws and Operating 

Procedures (By-Laws) to govern the operations of the FACI. 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. 

16. Filing Date. The Filing Date of this Charter is . 

 

Approved: 

 Date: 

Steven Seitz

Performing the Delegable Duties of 

Assistant Secretary for Financial Institutions

 Date: 

Trevor Norris

Acting Assistant Secretary for Management