CHARTER

ADVISORY COMMITTEE ON RISK-SHARING MECHANISMS FOR REINSURANCE 

AGAINST LOSSES ARISING FROM ACTS OF TERRORISM 

1. Committee’s Official Designation (Title). Advisory Committee on Risk-Sharing Mechanisms

(ACRSM or Committee). 

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

Committee Act (FACA), as amended, 5 U.S.C. App. 2, and § 110 of the Terrorism Risk

Insurance Program Reauthorization Act of 2015.

3. Objective and Scope of Activities. The purpose of the ACRSM is to provide advice and

recommendations to the Federal Insurance Office (FIO) with respect to (1) the creation and

development of non-governmental, private market risk-sharing mechanisms for protection

against losses arising from acts of terrorism; and (2) FIO’s administration of the Terrorism Risk

Insurance Program.

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

to the submission of advice and recommendations to FIO, which shall be non-binding on FIO.

No determination of fact or policy may be made by the ACRSM.

5. Official to Whom the Committee Reports. The Committee reports to the Director of FIO or a

FIO 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 ACRSM.

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

ACRSM are approximately $50,000.00. Annual operating costs include reasonable travel

expenses for members, staff salary, and other operating expenses. Members shall not be paid for

their time or service on the ACRSM. 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 Committee’s

compliance with the requirements of FACA and its implementing regulations. The DFO will

approve or call all of the meetings of the Committee and its subcommittee(s) (if any), prepare

and approve all meeting agendas, attend all Committee and subcommittee meetings, adjourn any

meeting when determined to be in the public interest, and chair meetings when directed by the

FIO Director or a FIO designee.

9. Estimated Number and Frequency of Meetings. The ACRSM shall meet at such intervals as are

necessary to carry out its duties. It is estimated that the ACRSM will meet twice per year.

10. Duration. This is a continuing advisory committee subject to the termination pursuant to
paragraph 11 of this Charter.

11. Termination. The ACRSM Charter expires two years from the date this Charter is filed.

12. Membership. The body of the ACRSM shall consist of nine members. The Department of the

Treasury, through FIO, shall take appropriate steps so that the Advisory Committee on RiskSharing Mechanisms reflects balanced membership and includes a cross-section of members

consisting of directors, officers, or other employees of insurers, reinsurers, and capital market

participants that are representative of the affected sectors of the insurance industry including

commercial property insurance, commercial casualty insurance, reinsurance, and alternative risk

transfer industries.

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

report back to the ACRSM. 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 ACRSM 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 ACRSM. In the event of any inconsistencies between

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

Director, Federal Insurance Office, performing 

the Delegable Duties of the Assistant Secretary

for Financial Institutions 

___________________________________ ______________ Date:

Trevor Norris 

Acting Assistant Secretary for Management