Full FAA Chronology at this link.
19510614: A new Title XIII of the Civil Aeronautics Act authorized the Secretary of Commerce to provide war risk insurance to U.S. air carriers when such insurance could not be obtained commercially on reasonable terms and conditions. Under the Federal Aviation Act of 1958, the war risk insurance program remained with the Secretary of Commerce rather than becoming a function of the new Federal Aviation Agency (FAA). In 1967, the program was transferred from Commerce to the new Secretary of Transportation, who delegated the function to FAA. Under the program, FAA maintained a premium standby insurance plan that would make aviation war risk insurance available at the outbreak of war to civil aircraft engaged in operations deemed in the national interest.
This Day in FAA History: June 14th
