[Federal Register Volume 80, Number 228 (Friday, November 27, 2015)]
[Notices]
[Pages 74218-74219]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30142]
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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 form that is due for extension approval by the Office of
Management and Budget. The Terrorism Risk Insurance Program Office,
which is part of the Federal Insurance 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 not later than January 26,
2016.
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,
Terrorism Risk Insurance Office, MT 1410, 1500 Pennsylvania Avenue NW.,
Washington, DC 20220.
FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal Insurance Office, Room 1319,
[[Page 74219]]
Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington,
DC 20220, at (202) 622-2922 (this is not a toll-free number) or Kevin
Meehan, Policy Advisor, Federal Insurance Office, Room 1410, Department
of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at
(202) 622-7009 (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:
OMB Number: 1505-0208.
Title: Terrorism Risk Insurance Program--Program Cap on Annual
Liability.
Abstract: The Terrorism Risk Insurance Act of 2002, as amended
(TRIA),\1\ established the Terrorism Risk Insurance Program (TRIP),\2\
which the Secretary of the U.S. Department of the Treasury (Secretary)
administers, with the assistance of the Federal Insurance Office.\3\
Section 103(e) of TRIA sets a limit on the annual liability for insured
losses at $100 billion. This section requires the Secretary to notify
Congress not later than 15 days after an act of terrorism as to whether
aggregate insured losses are estimated to exceed the cap. TRIA, 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. The Terrorism Risk
Insurance Program Reauthorization Act of 2015 (Pub. L. 114-1) (2015
Reauthorization Act) requires insurers participating in the Program to
submit to Treasury certain information regarding the operation of the
Program. Treasury is presently considering the information that should
be collected under the 2015 Reauthorization Act. It is possible that
information that will be collected pursuant to this process under
consideration might affect the amount of information that would need to
be collected pursuant to this currently approved data collection.
Treasury will address such issues in connection with any notice that it
issues concerning data collection under the Terrorism Risk Insurance
Program Reauthorization Act of 2015. This extension is sought to
maintain the existing approved data collection in place, consistent
with the requirements of the Paperwork Reduction Act, pending the
proposal by Treasury of any additional data collection in connection
with the Program.
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\1\ 15 U.S.C. 6701 note. Because the provisions of TRIA (as
amended) appear in a note, instead of particular sections, of the
United States Code, the provisions of TRIA are identified by the
sections of the law.
\2\ See 31 CFR part 50.
\3\ 31 U.S.C. 313(c)(1)(D).
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Type of Review: Extension of a currently approved data collection.
Affected Public: Business/Financial Institutions.
Estimated Number of Respondents: 200.
Estimated Average 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 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.
Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2015-30142 Filed 11-25-15; 8:45 am]
BILLING CODE 4810-25-P