Treasury Issues Notice for Information Collections for Terrorism Risk Insurance Program
***
The Secretary of the
DATES:
Written comments must be received not later than
ADDRESSES:
Interested persons may submit comments electronically through the Federal eRulemaking Portal at http://www.regulations.gov, in accordance with the instructions on that site. Electronic submissions are encouraged; however, comments may also be mailed to the Terrorism Risk Insurance Program,
All comments, including attachments and other supporting materials, are part of the public record and subject to public disclosure. You should submit only information that you wish to make available publicly. In general, the Department will post all comments to www.regulations.gov without change, including any business or personal information provided such as names, addresses, email addresses, or telephone numbers. The Department will also make such comments available for public inspection and copying in the
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
I. Background
The Terrorism Risk Insurance Act of 2002, as amended (TRIA),[1] established the Terrorism Risk Insurance Program (TRIP or Program).[2] The Act establishes a temporary federal program of shared public and private compensation for insured commercial property and casualty losses resulting from an "act of terrorism," as defined by TRIA. In order for the Program to make payments, the losses from an event must exceed certain thresholds and be in excess of participating insurer deductibles. Only "acts of terrorism" that have been certified as such by the Secretary (in consultation with the Attorney General and the Secretary of Homeland Security) are subject to the compensation provisions of the Program. In the event
Beginning after the inception of the Program in 2002,
In
The changes to the Program rules require revisions to currently effective Program forms to incorporate terminology and regulatory reference changes, and
In addition, certain other information collections (relating to such Program administrative matters as the approval of certain settlement, and recoupment of the Federal share of compensation) lapsed pending finalization of the revised Program rules. Now that the revised Program rules are effective,
Finally,
Further information concerning each of these requirements is provided below.
II. Information Collections
A. Existing Information Collections
OMB Number: 1505-0200.
Title: Terrorism Risk Insurance Program; Commercial Property and Casualty Insurers Submission for Federal Share of Compensation.
Abstract: This information collection addresses information that participating insurers must submit in support of their claims for payment of the Federal share of compensation. The forms identifying the information to be collected are as follows:
Treasury Form TRIP 01 (Notice of Deductible Erosion (formerly Initial Notice of Insured Loss))
Treasury Form TRIP 02 (Certification of Loss (Initial and Supplementary))
Treasury Form TRIP 02A Schedule A (Declaration of Direct Earned Premium and Calculation of Insurer Deductible)
Treasury Form TRIP 02B Schedule B (Certification of Compliance with Section 103(b) of TRIA)
Treasury Form TRIP 02B Schedule C (Bordereau)
Type of Review: Extension of a currently approved data collection.
Current Expiration Date:
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 100.[11]
Estimated Average Time per Respondent:
Treasury Form TRIP 01: 1.0 hours dz 1 response = 1 hours.
Treasury Form TRIP 02 (Initial and Supplementary): 1.5 hours dz 6 responses = 9 hours.
Treasury Form TRIP 02A Schedule A: 6.5 hours dz 1 response = 6.5 hours.
Treasury Form TRIP 02B Schedule B: 0.25 hours dz 6 responses = 1.5 hours.
Treasury Form TRIP 02B Schedule C: 4 hours dz 6 responses = 24 hours.
Estimated Total Annual
Former OMB Number: 1505-0196.
Title: Terrorism Risk Insurance Program; Litigation Management--Information Collection Regarding Proposed Settlements.
Abstract: This information collection addresses settlement approval requirements under the Program that were initially adopted by
Type of Review: Reinstatement of a previously approved information collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 100.
Estimated Average Time per Respondent: 4.0 hours (per proposed settlement based upon likely number of settlements triggering requirement).
Estimated Total Annual
Former OMB Number: 1505-0197.
Title: Recordkeeping Requirements for Insurers Compensated Under Terrorism Risk Insurance Program.
Abstract: This requirement is for the maintenance (recordkeeping) of an insurer's records that are pertinent to claims for reimbursement by participating insurers and amounts paid by
Type of Review: Reinstatement of a previously approved data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 100.
Estimated Average Time per Respondent: 8.33 hours.[16]
Estimated Total Annual
Former OMB Number: 1505-0207.
Title: Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA).
Abstract: Section 103(a) of TRIA authorizes
Treasury Form TRIP 04A (Direct Written Premium and Monthly Surcharge Calculation)
Treasury Form TRIP 04B (Direct Written Premium and End of Year Calculation)
Treasury Form TRIP 05 (
Type of Review: Reinstatement of a previously approved data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 2,000 (TRIP 04A and TRIP 04B recoupment processing) and 200 (TRIP 05 data call).
Estimated Average Time per Respondent:
Treasury Forms TRIP 04A and TRIP 04B: 5 hours per month (60 hours per year).
Treasury Form TRIP 05: 5 hours.
Estimated Total Annual
Former OMB Number: 1505-0208.
Title: Terrorism Risk Insurance Program; Cap on Annual Liability.
Abstract: The Program is subject to a total annual cap of aggregate industry losses of
Type of Review: Reinstatement of a previously approved data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 200.
Estimated Average Time per Respondent: 5 hours.
Estimated Total Annual
OMB Number: New.
Title: Terrorism Risk Insurance Program; Certification Data Call.
Abstract: In order for the Secretary to determine whether an event is subject to certification as an "act of terrorism" under TRIA and 31 CFR 50.62,
Type of Review: New data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 20.
Estimated Average Time per Respondent: 15 hours.
Estimated Total Annual
OMB Number: New.
Title: Terrorism Risk Insurance Program; Monthly Claims Report.
Abstract: Payments of the Federal share of compensation require that aggregate industry losses reach a certain threshold, even if the losses of a particular insurer are in excess of its deductible. Pursuant to 31 CFR 50.53, the monthly claims report provides for truncated monthly reporting of losses so that
Type of Review: New data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 100.
Estimated Average Time per Respondent: 2 hours (each month over a 48-month period).
Estimated Total Annual
OMB Number: New.
Title: Terrorism Risk Insurance Program; Commutations under Final Netting Rule.
Abstract: Under 31 CFR 50.76(d), the Secretary may set a final netting date, at which time all claims relating to an insured loss or act of terrorism become final. As part of a final netting determination,
Type of Review: New data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 15.
Estimated Average Time per Respondent: 40 hours.
Estimated Total Annual
All of the forms and associated instructional materials are available for review on
Request for Comments: An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collections; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.
Dated:
Director, Critical Infrastructure Protection and Compliance Policy.
Footnotes omitted. It can be viewed at: https://www.federalregister.gov/documents/2017/03/13/2017-04819/information-collections-for-claims-processing-and-other-purposes-under-the-terrorism-risk-insurance
[FR Doc. 2017-04819 Filed 3-10-17;
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