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OMB Control No: 1505-0200	ICR Reference No: 201706-1505-001
Status: Historical Active	Previous ICR Reference No: 201309-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Terrorism Risk Insurance Program (TRIP)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/12/2017
	Date Received in OIRA: 07/17/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2020	36 Months From Approved	09/30/2017
Responses	42,921	0	2,000
Time Burden (Hours)	223,577	0	4,200
Cost Burden (Dollars)	17,310,000	0	1,100,000

Abstract: This information collection is made necessary by the provisions of the Terrorism Risk Insurance Act of 2002 (the Act), the Terrorism Risk Insurance Extension Act of 2005 (the Extension Act), the Terrorism Risk Insurance Program Reauthorization Act of 2007 (the 2007 Reauthorization Act), the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the 2015 Reauthorization Act), and the Department of Treasury regulations (31 CFR Part 50) (the Program Rules) for their implementation. On November 26, 2002, the President signed into law the Terrorism Risk Insurance Act of 2002 (Pub. L. 107-297, 116 Stat. 2322) (TRIA or the Act). The Act’s purposes are to address market disruptions, ensure the continued widespread availability and affordability of commercial property and casualty insurance for terrorism risk, and allow for a transition period for the private markets to stabilize and build capacity while preserving state insurance regulation and consumer protections. TRIA has been reauthorized three times, most recently with the Terrorism Risk Insurance Program Reauthorization Act of 2015 (Pub. L. 114-1, 129 Stat. 3) (2015 Reauthorization Act), which extended the Program through December 31, 2020. Title I of the Act establishes a temporary federal program of shared public and private compensation for insured commercial property and casualty losses resulting from an act of terrorism. Section 103 of the Act authorizes the Secretary of the Treasury to administer and implement the Program, including the issuance of regulations and procedures. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Insurance Office assists the Secretary in administering the Program.

Authorizing Statute(s): PL: Pub.L. 109 - 144 103 Name of Law: Terrorism Risk Insurance Extension Act of 2005
   PL: Pub.L. 110 - 160 103 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007
   PL: Pub.L. 107 - 297 103 Name of Law: Terrorism Risk Insurance Act of 2002
   PL: Pub.L. 114 - 1 1 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2015

Citations for New Statutory Requirements: None

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:
	82 FR 13543	03/13/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 31806	07/10/2017
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	42,921	2,000	40,921
Annual Time Burden (Hours)	223,577	4,200	219,377
Annual Cost Burden (Dollars)	17,310,000	1,100,000	16,210,000

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: The operation of the Program depends upon a number of information collections which may need to be made to determine the right to and amount of Federal payments to which participating insurers would be entitled. Now that Program Rules have been adopted to conform the Program with the reforms enacted in the 2015 Reauthorization Act (see 81 FR 93756 (Dec. 21, 2016)), Treasury seeks to modify existing collections and add new components in a fashion consistent with existing law. Treasury also seeks to increase administrative efficiency by consolidating these information collections under existing information collection OMB 1505-0200. These information collections include the following: • Commercial Property and Casualty Insurers Submission for Federal Share of Compensation (Existing OMB No. 1505-0200) • Litigation Management – Information Collection Regarding Proposed Settlements (Formerly OMB No. 1505-0196) • Recoupment Provisions of the Terrorism Risk Insurance Act (Formerly OMB No. 1505-0207) • Cap on Annual Liability (Formerly OMB No. 1505-0208) • Certification Data Call (New) • Monthly Claims Report (New) • Commutations Under Final Netting Rule (New) • Recordkeeping Requirements for Insurers Compensated under Terrorism Risk Insurance Program (OMB No. 1505-0197)

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. 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

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