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:
201902-1505-001
Status:
Historical Active
Previous ICR Reference No:
201802-1505-001
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:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/13/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/07/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2022
36 Months From Approved
03/31/2021
Responses
875
0
875
Time Burden (Hours)
41,250
0
38,750
Cost Burden (Dollars)
0
0
74,375
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 is submitting the data collection forms proposed for use in the 2019 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.
Authorizing Statute(s):
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
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
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:
83 FR 56152
11/09/2018
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 2667
02/07/2019
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
875
0
0
0
0
Annual Time Burden (Hours)
41,250
38,750
0
0
2,500
0
Annual Cost Burden (Dollars)
0
74,375
0
0
-74,375
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
There are no changes to the per response burden estimates as provided in connection with the CY 2019 data collection. The number of anticipated responding insurers has been modified upward based upon the experience in the CY 2018 data collection in terms of the number of insurers actually required to respond. Treasury will continue to collect information concerning the burden associates with the data production, and will use such information in evaluating future collection requirements. In addition, the utilization of a consolidated data collection approach with state insurance regulators reduces total burdens upon insurers required to report terrorism risk insurance data.
Annual Cost to Federal Government:
$450,000
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
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:
02/07/2019
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