[Federal Register Volume 80, Number 26 (Monday, February 9, 2015)]
[Notices]
[Pages 7075-7076]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-02563]
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DEPARTMENT OF THE TREASURY
Study on Improving the Certification Process for the Terrorism
Risk Insurance Program
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice and request for comment.
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[[Page 7076]]
SUMMARY: Section 107 of the Terrorism Risk Insurance Program
Reauthorization Act of 2015 (Reauthorization Act) requires the
Secretary of the Treasury (Secretary) to conduct a study on the
certification process in the Terrorism Risk Insurance Act of 2002, as
amended (TRIA). The Secretary also must submit a report on the results
of its study to Congress. To assist the Secretary in conducting the
study and formulating the report, the Federal Insurance Office (FIO) is
issuing this request for comment.
DATES: Comments must be submitted not later than March 6, 2015.
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. 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 Treasury's Library, 1500 Pennsylvania Avenue NW.,
Washington, DC 20220, on official business days between the hours of
10:00 a.m. and 5:00 p.m. Eastern Time. You can make an appointment to
inspect comments by telephoning (202) 622-0990. 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.
Electronic submissions are encouraged.
Comments may also be mailed to the Department of the Treasury,
Federal Insurance Office, MT 1410, 1500 Pennsylvania Avenue NW.,
Washington, DC 20220.
Additional Instructions. Responses should also include: (1) The
data or rationale, including examples, supporting any opinions or
conclusions; (2) approaches and options respecting improvement of the
certification process, if any; and, (3) any specific legislative,
administrative, or regulatory proposals for carrying out such
approaches or options.
FOR FURTHER INFORMATION CONTACT: Brett D. Hewitt, Policy Advisor,
Federal Insurance Office, Room 1410, Department of the Treasury, 1500
Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622-5892 (this
is not a toll-free number). Persons who have difficulty hearing or
speaking may access this number via TTY by calling the toll-free
Federal Relay Service at (800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
Section 107(b) of the Reauthorization Act (Pub. L. 114-1) requires
the Secretary to conduct a study on the process by which the Secretary
determines whether to certify an act as an ``act of terrorism'' under
section 102(1) of TRIA (``Certification Study''). Section 107(c) of the
Reauthorization Act prescribes certain factors that the Certification
Study must examine. After completing the Certification Study, the
Department of the Treasury (Treasury) must submit a report on its
results to Congress.
II. Solicitation for Comments
A. Collecting information and views on the factors that must be
analyzed in the Certification Study will enhance the accuracy and value
of the study and report to Congress. Accordingly, comments are sought
on:
1. The establishment of a reasonable timeline by which the
Secretary must make an accurate determination on whether to certify an
act as an act of terrorism;
2. The impact that the length of any timeline proposed to be
established may have on the insurance industry, policyholders,
consumers, and taxpayers as a whole;
3. The factors the Secretary would evaluate and monitor during the
certification process, including the ability of the Secretary to obtain
the required information regarding the amount of projected and incurred
losses resulting from an act which the Secretary would need in
determining whether to certify the act as an act of terrorism;
4. The appropriateness, efficiency, and effectiveness of the
consultation process required under section 102(1)(A) of TRIA and any
recommendations on changes to the consultation process; and
5. The ability of the Secretary to provide guidance and updates to
the public regarding any act that may reasonably be certified as an act
of terrorism.
B. In addressing the considerations set forth in section 107(c) of
the Reauthorization Act (as described in Paragraph (II)(A) of this
notice), commenters are invited to submit views on:
1. The manner and extent to which the certification timeline and
the Secretary's ability to make an accurate determination on whether to
certify an act as an act of terrorism may be influenced by domestic or
international law enforcement processes; and
2. The implications for insurers or policyholders if one or more
events are certified as acts of terrorism but the aggregate, calendar-
year insured losses do not exceed the amount required for Treasury to
make payments for insured losses.
Dated: February 4, 2015.
Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2015-02563 Filed 2-6-15; 8:45 am]
BILLING CODE 4810-25-P