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. § 1001 et seq., 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 costs to operate the 

ACRSM are approximately $125,000, which comprises (but is not necessarily limited to) 

administrative costs (e.g., transcripts of meetings), travel expenses, and staff salaries (estimated 

in total at .4 FTE). Committee members are not paid for their time or services. However, if 

claimed, the members are reimbursed for travel related expenses to attend at least two times per 

year, or at such regular intervals as necessary to carry out the Committees duties in accordance 

with 5 U.S.C. section 5703. 

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 04/20/2023.

Approved: 

___________________________________ Date: _4/12/2023_____ 

Graham Steele

Assistant Secretary for Financial Institutions

___________________________________ Date: ______________ 

Anna Canfield Roth 

Assistant Secretary for Management

Anna

Canfield Roth

Digitally signed by Anna 

Canfield Roth 

Date: 2023.04.17 

15:37:17 -04'00'