View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1505-0257
ICR Reference No:
201703-1505-001
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
TREAS/DO
Agency Tracking No:
Title:
Collection of Data from Property and Casualty Insurers for Reports Concerning the Terrorism Risk Insurance Program
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/14/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/13/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2020
36 Months From Approved
Responses
875
0
0
Time Burden (Hours)
38,750
0
0
Cost Burden (Dollars)
74,375
0
0
Abstract:
The Terrorism Risk Insurance Act of 2002 (TRIA) created the Terrorism Risk Insurance Program (Program) to address disruptions in the market for terrorism risk insurance, to help ensure the continued availability and affordability of commercial property and casualty insurance for terrorism risk, and to allow for the private markets to stabilize and build insurance capacity to absorb any future losses for terrorism events. The Program has been reauthorized on a number of occasions, most recently in the Terrorism Risk Insurance Program Reauthorization Act of 2015. TRIA requires the Secretary of the Treasury (Secretary) to perform periodic analyses of certain matters concerning the Program. In order to assist the Secretary with this process, TRIA requires insurers to submit on an annual basis certain insurance data and information regarding participation in the Program. Treasury requests stakeholder feedback on the data collection forms proposed for use in the 2017 data collection process, pursuant to 31 CFR 50.51(c). Copies of these forms and associated explanatory materials are available for electronic review at https://www.treasury.gov/resource-center/fin-mkts/Pages/program.aspx. Treasury also seeks comments from interested parties on issues that Treasury will be analyzing in connection with its next report concerning the Program, which will address the participation of small insurers in the Program, including any competitive challenges such insurers face in the terrorism risk insurance marketplace.
Authorizing Statute(s):
PL:
Pub.L. 110 - 160 121
Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007
PL:
Pub.L. 107 - 297 1161
Name of Law: Terrorism Risk Insurance Act of 2002
US Code:
15 USC 6701
Name of Law: Operation of State Law
PL:
Pub.L. 109 - 144 119
Name of Law: Terrorism Risk Insurance Extension Act of 2005
PL:
Pub.L. 114 - 1 129
Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2015
Citations for New Statutory Requirements:
PL: Pub.L. 114 - 1 129 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2015
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
81 FR 95310
12/27/2016
30-day Notice:
Federal Register Citation:
Citation Date:
82 FR 13547
03/13/2017
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Alien Surplus Lines Exposure Bases by Jurisdiction
TBD
Terrorism Risk Insurance Program: Alien Surplus Lines
Captive Insurers Reinsurance (Nationwide)
TBD
Terrorism Risk Insurance Program: Captive Insurers
Insurer (Non-Small) Groups or Companies
TBD
Terrorism Risk Insurance Program: Insurer (Non-Small) Groups or Companies
Small Insurers Insurer Group Affliations
TBD
Terrorism Risk Insurance Program: Small Insurers
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
875
0
0
875
0
0
Annual Time Burden (Hours)
38,750
0
0
38,750
0
0
Annual Cost Burden (Dollars)
74,375
0
0
74,375
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Section 111 of the 2015 Reauthorization Act provides that the Secretary of the Treasury, commencing in the calendar year beginning on January 1, 2016, shall require insurers participating in the Program to submit information regarding insurance coverage for terrorism losses that the Secretary considers appropriate to analyze the effectiveness of the Program. For the first year of data collection, the rules addressing data collection had only been proposed, so Treasury sought emergency clearance and review for the 2016 data collection only, as the normal public review and comment processes would not have permitted the collection of data in time for Treasury to complete a June 30, 2016 Report to Congress. Approval of a collection form for use in CY 2016 only was provided under OMB Control Number 1505-0253. Final rules addressing data collection were published on December 21, 2016. 81 FR 93756 (Dec. 21, 2016). On December 27, 2016, Treasury published a notice in the Federal Register identifying the forms proposed for use in CY 2017 and seeking comment from the public concerning those forms. 81 FR 95310 (Dec. 27, 2016). By the expiration of the comment period on February 27, 2017, Treasury had received seven (7) comments concerning the proposed collection forms, and has made a number of revisions to the forms as originally proposed, as well as to the manner of the reporting required, in response to the comments. It is estimated that between 800 and 1,000 insurance groups or individual insurance entities that meet the Act’s definition of insurer will be required to provide some amount of information in response to the data collection, and the amount of information required will vary based upon the type and size of insurer involved.
Annual Cost to Federal Government:
$450,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Lindy Gustafson 202 622-6245 lindy.gustafson@treasury.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
03/13/2017
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