View Information Collection Request (ICR) Package

OMB Control No: 1505-0200	ICR Reference No: 202009-1505-001
Status: Historical Active	Previous ICR Reference No: 201706-1505-001
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: 11/18/2020
	Date Received in OIRA: 09/21/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2023	36 Months From Approved	11/30/2020
Responses	42,931	0	42,921
Time Burden (Hours)	223,877	0	223,577
Cost Burden (Dollars)	1,000,000	0	17,310,000

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. 116 - 94 133 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2019
PL: Pub.L. 107 - 297 116 Name of Law: Terrorism Risk Insurance Act of 2002

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:
	85 FR 41673	07/10/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 59373	09/21/2020
Did the Agency receive public comments on this ICR? Yes

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	42,931	42,921	10	0
Annual Time Burden (Hours)	223,877	223,577	400	-100
Annual Cost Burden (Dollars)	1,000,000	17,310,000	0	-16,310,000

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The changes to the collection since the previous OMB approval are merging the Rebuttal of Controlling Influence Submission (1505-0190) requirements into 1505-0200. This merger will increase the burden hours by 400 hours to account for the addition of the burden for 1505-0190. Additionally, ROCIS shows a reduction in the burden hours for the Certification Data Call. This is due to correcting time per response, which was entered as 20 hours instead of 15 hours. There is a change to the annual burden cost to remove the annualized respondent costs from the calculations and only include the potential start-up costs for initial submissions. The annualized respondent costs are included in question 12 of the supporting statement. There are no substantive changes to the other information collections included in this OMB submission.

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? No

Agency Contact: Richard Ifft 202 622-2922

View ICR - OIRA Conclusion