FR 2021-02638

The document is a public notice regarding an upcoming meeting of the Federal Advisory Committee on Insurance (FACI) scheduled for February 18, 2021. This meeting is organized by the Department of the Treasury and will be conducted via videoconference, allowing for public participation through a webcast. The FACI, which provides advice and non-binding recommendations to the Federal Insurance Office (FIO), will discuss the committee's 2021 work plan, as well as updates from its subcommittees on key issues like COVID-19, insurance product availability, international initiatives, and public-private partnerships.

Significant Issues and Concerns

One notable omission in the document is the lack of a specific deadline for submitting public comments. This absence could lead to confusion among potential participants who wish to contribute their opinions and ensure they are considered during or before the meeting. Additionally, while the webcast allows for broad public access, the instructions provided may be insufficient for those unfamiliar with navigating online platforms such as Yorkcast. More detailed guidelines could enhance accessibility.

The document also mentions that submitted public comments will be accessible in the Treasury's library. However, it lacks instructions on how people who cannot visit the library in person can access these comments, potentially restricting transparency for remote participants. Moreover, while the agenda for the meeting is briefly mentioned, the lack of detailed discussion points may hinder public understanding of the key issues and limit preparation for those interested in specific topics.

Lastly, there is no mention of security or data privacy measures for the videoconference platform. This oversight may raise concerns among participants about their personal data's safety during the meeting.

Impact on the Public

For the general public, this meeting represents an opportunity to stay informed about developments in insurance regulation and policy, particularly in light of ongoing challenges like the COVID-19 pandemic. The open format seeks to enhance transparency and public engagement in governmental advisory processes. However, the uncertainties surrounding the submission and access to public comments, along with potential barriers to digital access, may impact the effectiveness and inclusiveness of these efforts.

Impact on Specific Stakeholders

The document may have specific implications for stakeholders such as insurance companies, policyholders, and advocacy groups. Insurance companies might be interested in updates related to product availability and international work, which could signal future regulatory changes or market opportunities. Policyholders could benefit from discussions on reducing protection gaps through public-private partnerships, which may lead to improved insurance options or expanded coverage.

Advocacy groups aiming to address issues like accessibility to insurance products or responses to global challenges could find this meeting an avenue to influence policy direction. However, the lack of specificity in the agenda and the processes for public commentary may hinder their ability to provide targeted inputs or prepare for meaningful participation. Despite these concerns, the meeting offers an avenue for stakeholders to engage with policymakers and contribute to shaping the future of insurance regulation.