; (B) to consult with the States (including State insurance regulators) regarding insurance matters of national importance and prudential insurance matters of international importance; (C) to assist the Secretary in administering the Terrorism Insurance Program established in the Department of the Treasury under the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note); (D) to observe all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system; and (E) to make determinations and exercise the authority under subsection (m) with respect to covered agreements and State insurance measures. (3) Membership on Financial Stability Oversight Council (A) In general The Independent Insurance Advocate shall serve, pursuant to section 111(b)(1)(J) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(b)(1)(J) ), as a member on the Financial Stability Oversight Council. (B) Authority To assist the Financial Stability Oversight Council with its responsibilities to monitor international insurance developments, advise the Congress, and make recommendations, the Independent Insurance Advocate shall have the authority— (i) to regularly consult with international insurance supervisors and international financial stability counterparts; (ii) to consult with the Board of Governors of the Federal Reserve System and the States with respect to representing the United States, as appropriate, in the International Association of Insurance Supervisors (including to become a non-voting member thereof), particularly on matters of systemic risk; (iii) to participate at the Financial Stability Board of The Group of Twenty and to join with other members from the United States including on matters related to insurance