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Committee Detail

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.

Details on agency responses to committee recommendations can be found under the Performance Measures section for each committee in the fields “Agency Feedback” and “Agency Feedback Comment.”


TRES - 2526 - Advisory Committee on Risk-Sharing Mechanisms - Statutory (Congress Created)
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameAdvisory Committee on Risk-Sharing MechanismsAgency NameDepartment of the Treasury
Fiscal Year2022Committee Number2526
Original Establishment Date4/8/2015Committee StatusChartered
Actual Termination Date Committee URLhttps://www.treasury.gov/initiatives/fio/acrsm/...
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*9
Current Charter Date4/16/2021Designated Fed Officer Position Title*Senior Insurance Regulatory Policy Analyst
Date Of Renewal Charter4/16/2023Designated Federal Officer Prefix
Projected Termination Date Designated Federal Officer First Name*Richard
Exempt From Renewal*NoDesignated Federal Officer Middle NameAlan
Specific Termination AuthorityDesignated Federal Officer Last Name*Ifft
Establishment Authority*Statutory (Congress Created)Designated Federal Officer Suffix
Specific Establishment Authority*Pub. L. 114-1, 129 Stat. 3, Section 110Designated Federal Officer Phone*(202) 622-2922
Effective Date Of Authority*1/12/2015Designated Federal Officer Fax*
Exempt From EO 13875 Discretionary CmteNot ApplicableDesignated Federal Officer Email*richard.ifft@treasury.gov
Committee Type*Continuing
Presidential*No
Committee Function*Non Scientific Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredYes
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*The Committee will provide advice and recommendations to the Federal Insurance Office (FIO) regarding the creation and development of non-governmental, private market risk-sharing mechanisms for protection against losses arising from acts of terrorism. It will also provide FIO with recommendations concerning the administration of the Terrorism Risk Insurance Program.
How is membership balanced?*The Committee shall consist of nine members representing directors, officers, and other employees of insurers, reinsurers, and capital market participants that are representative of the affected sectors of the insurance industry including commercial insurance, commercial casualty insurance, reinsurance, and alternative risk transfer industries. The Committee currently has a membership of seven, given certain departures; substitute appointments are now pending background checks/investigation.
How frequent & relevant are cmte mtgs?*The Committee will meet at such intervals are necessary to carry out its duties. It is estimated that the Committee will meet two to three times a year. There have, however, been no meetings in the last two years as FIO has been implementing prior ACRSM recommendations. Further meetings are anticipated during FY 2023.
Why advice can't be obtained elsewhere?*The Committee will allow for FIO to benefit from the knowledge and expertise from the leaders of several impacted industries including insurance, reinsurance, and the capital marketplace.
Why close or partially close meetings?N/A
Recommendation RemarksReport with recommendations issued in FY2020.
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*YesAction Reorganize Priorities*No
Outcome Trust In GovernmentNoAction Reallocate ResourcesNo
Outcome Major Policy ChangesYesAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryYesAction OtherNo
Outcome Increased Customer SatisfactionNoAction CommentNot Applicable
Outcome Implement Laws/Reg RequirementsYesGrants Review*No
Outcome OtherNoNumber Of Grants Reviewed0
Outcome CommentNot ApplicableNumber Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentNot ApplicableGrants Review CommentNot Applicable
Number Of Recommendations*8Access Contact Designated Fed. Officer*Yes
Number Of Recommendations CommentNot ApplicableAccess Agency WebsiteNo
% of Recs Fully Implemented*0.00%Access Committee WebsiteYes
% of Recs Fully Implemented CommentNot ApplicableAccess GSA FACA WebsiteYes
% of Recs Partially Implemented*62.50%Access PublicationsNo
% of Recs Partially Implemented CommentContract placed to obtain terrorism risk insurance modeling services.
Federal Register Notice published to obtain comments pertinent to three of the ACRSM recommendations, and further industry engagement on them as well. TRIP Data Call expanded to obtain more detailed information relating to two of the recommendations,
Industry engagement on additional action item.
Access OtherNo
Agency Feedback*Not ApplicableAccess CommentNot Applicable
Agency Feedback Comment*Not ApplicableNarrative Description*The purpose of the ACRSM is to provide advice and recommendations to the U.S. Department of the Treasury (Treasury) through the Federal Insurance Office (FIO) with respect to the creation and development of non-governmental, private market risk-sharing mechanisms for protection against losses arising from acts of terrorism. The Committee also provides FIO with advice concerning the administration of the Terrorism Risk Insurance Program.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members* Est Payments to Non-Fed Members Next FY* 
Payments to Federal Members*$24,193.00Est. Payments to Fed Members Next FY* 
Payments to Federal Staff* Estimated Payments to Federal Staff*$45,000.00
Payments to Consultants* Est. Payments to Consultants Next FY* 
Travel Reimb. For Non-Federal Members* Est Travel Reimb Non-Fed Members nextFY* 
Travel Reimb. For Federal Members* Est Travel Reimb For Fed Members* 
Travel Reimb. For Federal Staff* Est. Travel Reimb to Fed Staff Next FY* 
Travel Reimb. For Consultants* Est Travel Reimb to Consultants Next FY* 
Other Costs$0.00Est. Other Costs Next FY*$3,000.00
Total Costs$24,193.00Est. Total Next FY*$48,000.00
Date Cost Last Modified10/17/2022 11:12 AMEst. Fed Staff Support Next FY*0.30
Federal Staff Support (FTE)*0.10Est Cost RemarksAnticipated to increase in light of expectation of a number of meetings to address cyber insurance issues.
Cost Remarks  
Hide Section - Interest Areas

Interest Areas

Category
Area
Finance
Banking
Government
Federal Government
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-039066Advisory Committee on Risk-Sharing Mechanisms2021
 COM-036946Advisory Committee on Risk-Sharing Mechanisms2020
 COM-035145Advisory Committee on Risk-Sharing Mechanisms2019
 COM-032574Advisory Committee on Risk-Sharing Mechanisms2018
 COM-001785Advisory Committee on Risk-Sharing Mechanisms2017
 COM-002515Advisory Committee on Risk-Sharing Mechanisms2016
 COM-004256Advisory Committee on Risk-Sharing Mechanisms2015