[Federal Register Volume 80, Number 228 (Friday, November 27, 2015)]
[Notices]
[Pages 74218-74219]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30142]


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DEPARTMENT OF THE TREASURY


Departmental Offices; Proposed Collection; Comment Request

ACTION: Notice and request for comments.

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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 form that is due for extension approval by the Office of 
Management and Budget. The Terrorism Risk Insurance Program Office, 
which is part of the Federal Insurance Office within the Department of 
the Treasury, is soliciting comments concerning the Record Keeping 
Requirements set forth in 31 CFR part 50, subpart J (Sec. 50.94).

DATES: Written comments must be received not later than January 26, 
2016.

ADDRESSES: Interested persons may submit comments electronically 
through the Federal eRulemaking Portal at http://www.regulations.gov, 
in accordance with the instructions on that site. In general, the 
Department will post all comments to www.regulations.gov without 
change, including any business or personal information provided such as 
names, addresses, email addresses, or telephone numbers. The Department 
will also make such comments available for public inspection and 
copying in the Treasury's Library, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220, on official business days between the hours of 
10:00 a.m. and 5:00 p.m. Eastern Time. You can make an appointment to 
inspect comments by telephoning (202) 622-0990. All comments, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. You should submit only 
information that you wish to make available publicly.
    Electronic submissions are encouraged.
    Comments may also be mailed to the Department of the Treasury, 
Terrorism Risk Insurance Office, MT 1410, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220.

FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance 
Regulatory Policy Analyst, Federal Insurance Office, Room 1319,

[[Page 74219]]

Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, 
DC 20220, at (202) 622-2922 (this is not a toll-free number) or Kevin 
Meehan, Policy Advisor, Federal Insurance Office, Room 1410, Department 
of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at 
(202) 622-7009 (this is not a toll-free number). Persons who have 
difficulty hearing or speaking may access this number via TTY by 
calling the toll-free Federal Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 1505-0208.
    Title: Terrorism Risk Insurance Program--Program Cap on Annual 
Liability.
    Abstract: The Terrorism Risk Insurance Act of 2002, as amended 
(TRIA),\1\ established the Terrorism Risk Insurance Program (TRIP),\2\ 
which the Secretary of the U.S. Department of the Treasury (Secretary) 
administers, with the assistance of the Federal Insurance Office.\3\ 
Section 103(e) of TRIA sets a limit on the annual liability for insured 
losses at $100 billion. This section requires the Secretary to notify 
Congress not later than 15 days after an act of terrorism as to whether 
aggregate insured losses are estimated to exceed the cap. TRIA, as 
amended, also requires the Secretary to determine the pro rata share of 
insured losses under the Program when insured losses exceed the cap, 
and to issue regulations for carrying this out. In order to meet these 
requirements, Treasury may need to obtain loss information from 
involved insurers. This would be accomplished by the issuance of a 
``data call'' to ascertain insurer losses. In the event of the 
imposition on insurers of a ``pro rata loss percentage'', it will be 
necessary to determine compliance when processing insurer claims for 
payment of the Federal share of compensation. The Terrorism Risk 
Insurance Program Reauthorization Act of 2015 (Pub. L. 114-1) (2015 
Reauthorization Act) requires insurers participating in the Program to 
submit to Treasury certain information regarding the operation of the 
Program. Treasury is presently considering the information that should 
be collected under the 2015 Reauthorization Act. It is possible that 
information that will be collected pursuant to this process under 
consideration might affect the amount of information that would need to 
be collected pursuant to this currently approved data collection. 
Treasury will address such issues in connection with any notice that it 
issues concerning data collection under the Terrorism Risk Insurance 
Program Reauthorization Act of 2015. This extension is sought to 
maintain the existing approved data collection in place, consistent 
with the requirements of the Paperwork Reduction Act, pending the 
proposal by Treasury of any additional data collection in connection 
with the Program.
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    \1\ 15 U.S.C. 6701 note. Because the provisions of TRIA (as 
amended) appear in a note, instead of particular sections, of the 
United States Code, the provisions of TRIA are identified by the 
sections of the law.
    \2\ See 31 CFR part 50.
    \3\ 31 U.S.C. 313(c)(1)(D).
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    Type of Review: Extension of a currently approved data collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 200.
    Estimated Average Time per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 1,000 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.

Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2015-30142 Filed 11-25-15; 8:45 am]
BILLING CODE 4810-25-P