[Federal Register Volume 77, Number 138 (Wednesday, July 18, 2012)]
[Notices]
[Pages 42364-42365]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17455]
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DEPARTMENT OF THE TREASURY
Departmental Offices; Proposed Collection; Comment Request
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork burdens, invites the general public and
other Federal agencies to comment on a currently approved information
collection that is due for extension approval by the Office of
Management and Budget. The Terrorism Risk Insurance Program Office
within the Department of the Treasury is soliciting comments concerning
the Record Keeping Requirements set forth in 31 CFR part 50, subpart J
(Sec. 50.94).
DATES: Written comments must be received on or before September 17,
2012.
ADDRESSES: Submit comments by email to triacomments@do.treas.gov or by
mail (if hard copy, preferably an original and two copies) to:
Terrorism Risk Insurance Program, Public Comment Record, Suite 2100,
Department of the Treasury, 1425 New York Ave. NW., Washington, DC
20220. Because paper mail in the Washington DC area may be subject to
delay, it is recommended that comments be submitted electronically. All
comments should be captioned with ``PRA Comments--Program Cap on Annual
Liability''. Please include your name, affiliation, address, email
address and telephone number in your comment. Comments will be
available for public inspection by appointment only at the Reading Room
of the Treasury Library. To makes appointments, call (202) 622-0990
(not a toll-free number).
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to: Terrorism Risk Insurance Program Office at (202)
622-6770 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
OMB Number: 1505-0208.
Title: Terrorism Risk Insurance Program--Program Cap on Annual
Liability.
Abstract: Sections 103(a) and 104 of the Terrorism Risk Insurance
Act of 2002 (Pub. L. 107-297) (as extended by the Terrorism Risk
Insurance Extension Act of 2005 (Pub. L. 109-144) and the Terrorism
Risk Insurance Program Reauthorization Act of 2007 (Pub. L. 110-160)
authorize the Department of the Treasury to administer and implement
the Terrorism Risk Insurance Program established by the Act. Section
103 of the Terrorism Risk Insurance Act of 2002 (the Act), as amended
by the Reauthorization Act, sets a limit on the annual liability for
insured losses at $100 billion. This section requires the Secretary of
the Treasury to notify Congress not later than 15 days after the date
of an act of terrorism as to whether aggregate insured losses are
estimated to exceed the cap. The Act, as amended, also requires the
Secretary to determine the pro rata share of insured losses under the
Program when insured losses exceed the cap, and to issue regulations
for carrying this out. In order to meet these requirements, Treasury
may need to obtain loss information from involved insurers. This would
be accomplished by the issuance of a ``data call'' to ascertain insurer
losses. In the event of the imposition on insurers of a ``pro rata loss
percentage'', it will be necessary to determine compliance when
processing insurer claims for payment of the Federal share of
compensation. This would be accomplished by nominal revision to the
currently approved Treasury form TRIP 02C, ``Bordereau'' or ``Schedule
C''. In 31 CFR part 50, subpart J (sec. 50.94).
Type of Review: Extension of a currently approved data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 200.
Estimated Annual Time per Respondent: 5 hours.
Estimated Total Annual Burden Hours: 1,000 hours.
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
[[Page 42365]]
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: July 11, 2012.
Jeffrey S. Bragg,
Director, Terrorism Risk Insurance Program.
[FR Doc. 2012-17455 Filed 7-17-12; 8:45 am]
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