[Federal Register Volume 77, Number 138 (Wednesday, July 18, 2012)]
[Pages 42363-42364]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-17453]



Departmental Offices; Proposed Collection; Comment Request

ACTION: Notice and request for comments.


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 H 
(Sec. 50.71 (d)).

DATES: Written comments must be received on or before September 17, 

ADDRESSES: Submit comments by email to [email protected] 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--Recoupment Procedures 
of the Terrorism Risk Insurance Act (TRIA)''. 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).

    OMB Number: 1505-0207.

[[Page 42364]]

    Title: Terrorism Risk Insurance Program--Recoupment Procedures of 
the Terrorism Risk Insurance Act.
    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(e) of the Terrorism Risk Insurance Act of 2002 gives Treasury 
authority to recoup federal payments made under the Program through 
policyholder surcharges, up to a maximum annual limit. The Secretary is 
required to provide for insurers to collect these amounts and remit 
them to Treasury. In order to determine how and when to initiate the 
recoupment process Treasury will require information about industry 
aggregate total insured losses, insurer deductibles and reserves and 
may need to issue a ``data call'' to supplement existing industry 
reporting. If recoupment is initiated, insurers will be required to 
report and remit the Federal Terrorism Policy Surcharge. Treasury will 
require access to all books, documents, papers and records of an 
insurer that are pertinent to the Surcharge for the purpose of 
investigation, confirmation, audit and examination. The record keeping 
and reporting requirements will arise only after Treasury has initiated 
the recoupment process. This clearance action is for the data call, 
insurer reporting and record keeping requirements set forth in 31 CFR 
part 50, subpart H (Sec. 50.71 (d)).
    Type of Review: Extension of a currently approved data collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 24,200.
    Estimated Average Time per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 121,000 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.

    Dated: July 11, 2012.
Jeffrey S. Bragg,
Director, Terrorism Risk Insurance Program.
[FR Doc. 2012-17453 Filed 7-17-12; 8:45 am]