[Federal Register Volume 85, Number 183 (Monday, September 21, 2020)]
[Notices]
[Pages 59373-59375]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20707]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Department of Treasury Information 
Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before October 21, 2020 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Departmental Offices

    1. Title: Terrorism Risk Insurance Program Claim and Program Forms.
    OMB Control Number: 1505-0200.
    Type of Review: Revision of a currently approved collection.
    Description: The Terrorism Risk Insurance Act of 2002, as amended 
(TRIA), established the Terrorism Risk Insurance Program (TRIP or 
Program). 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,'' as defined by 
TRIA. In order for the Program to make payments, the losses from an 
event must exceed certain thresholds and be in excess of participating 
insurer deductibles. Only ``acts of terrorism'' that have been 
certified as such by the Secretary (in consultation with the Attorney 
General and the Secretary of Homeland Security) are subject to the 
compensation provisions of the Program. In the event Treasury does

[[Page 59374]]

make payments under the Program, it may be required, through surcharges 
imposed upon all commercial policyholders, to recoup some or all of any 
amounts expended. Since the inception of the Program in 2002, Treasury 
has sought and obtained from the Office of Management and Budget (OMB) 
approvals for certain information collections that will be necessary if 
Treasury needs to process claims for the Federal share of compensation, 
and potentially recoup amounts expended as required under TRIA. Most of 
these information collections are managed through forms that have been 
developed by Treasury to permit participating insurers to demonstrate 
that they are entitled to payments for the Federal share of 
compensation. In some cases, the information collection is not subject 
to a specific form, but is based upon circumstances that may develop in 
the future, in the event the Program is triggered, or might be 
triggered, by the Secretary's certification of an act of terrorism.
    In December 2019, the Terrorism Risk Insurance Program 
Reauthorization Act of 2019 extended the Program until December 31, 
2027. The recent reauthorization of the Program did not incorporate any 
changes that require revisions to current Program forms and 
collections, and Treasury seeks to extend these previously approved 
collections without change. No additional burdens are imposed by the 
renewal of the existing forms or collections, or in the reinstatement 
of the lapsed information collection, either in terms of the estimates 
of the number of insurers affected or time burdens for compliance. None 
of the identified information will need to be reported unless there is 
a certified act of terrorism (including the information that an insurer 
seeking payment of the Federal share of compensation needs to provide), 
or in some cases where Treasury is considering certification of an act 
of terrorism. Treasury has designed the forms to identify elements that 
insurers already regularly collect in their ordinary course of business 
when handling insurance claims, which will minimize any burden 
associated with their completion.
    Forms: Treasury Form TRIP 01, Treasury Form TRIP 02, Treasury Form 
TRIP 02A, Treasury Form TRIP 02B, Treasury Form TRIP 02C, Treasury Form 
TRIP 03, Treasury Form TRIP 04A, Treasury Form TRIP 04B, Treasury Form 
TRIP 05, Treasury Form TRIP 06, Treasury Form TRIP 07.
    Affected Public: Businesses and other for profit institutions.
    Estimated Number of Respondents: 8,431.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 42,931.
    Estimated Time per Response: Varies from 5 minutes-40 hours.
    Estimated Total Annual Burden Hours: 223,877 hours.
    2. Title: Collection of Data from Property and Casualty Insurers 
for Reports Concerning the Terrorism Risk Insurance Program.
    OMB Control Number: 1505-0257.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The Terrorism Risk Insurance Act of 2002, as amended 
(TRIA), established the Terrorism Risk Insurance Program (TRIP or 
Program). Reauthorized through 2027, 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,'' as defined by TRIA. The Act requires the 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 their participation in the Program.
    Treasury began collecting data from insurers in 2016 on a voluntary 
basis, and on a mandatory basis beginning in 2017. In 2018, Treasury 
and state insurance regulators (which also collect information on 
terrorism risk insurance in separate data calls) agreed on joint 
reporting templates substantially similar to those used by Treasury in 
prior years. The forms that are currently approved for use, and which 
were utilized during the 2020 TRIP data call, expire effective 
September 30, 2020. Treasury seeks to continue to use the same forms 
for the next three-year period, without changes except for non-material 
modifications each year relating to the dates for which data is sought 
and the incorporation of relevant Program thresholds, and changes to 
the modeled loss question that is posed each year to estimate the 
potential impact upon the Program from hypothetical terrorism loss 
events.
    Pursuant to TRIA, Treasury has evaluated whether publicly available 
sources can supply the information needed in the annual data call. 
Information relating to workers' compensation exposures is available 
from the workers' compensation rating bureaus, and Treasury will 
continue to coordinate with those entities to provide that information 
on behalf of participating insurers. Treasury has determined, however, 
that all other data components remain unavailable from other sources. 
Accordingly, Treasury will continue to request this remaining data and 
information directly from insurers. By continuing to collect 
information on a consolidated basis with state regulators, however, a 
significant reduction in overall data collection burdens for 
participating insurers is achieved.
    Affected Public: Businesses and other for profits institutions.
    Estimated Number of Respondents: 900.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 900.
    Estimated Time per Response: Varies from 28 hours-82 hours.
    Estimated Total Annual Burden Hours: 44,400 hours.
    3. Title: CARES Act Loan and Payroll Support Programs.
    OMB Control Number: 1505-0263.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: On March 27, 2020, the President signed the 
``Coronavirus Aid, Relief, and Economic Security Act'' or the ``CARES 
Act,'' (Pub. L. 116-136) which provides emergency assistance and health 
care response for individuals, families and businesses affected by the 
COVID-19 pandemic, and provides emergency appropriations to support 
executive branch agency operations during the COVID-19 pandemic. The 
Act authorizes the Secretary of the Treasury to make loans, loan 
guarantees, and other investments that do not exceed $500 billion in 
the aggregate to provide liquidity to eligible businesses, States, and 
municipalities related to losses incurred as a result of coronavirus. 
Section 4003(b)(1)-(3) authorizes the Secretary to make loans and loan 
guarantees available to passenger air carriers and cargo air carriers, 
as well as certain related businesses, and businesses critical to 
maintaining national security. As part of the loan and payroll support 
agreements, applicants will need to maintain records for a period of 2, 
5, or 10 years, depending on the loan type, as well as submit 
compliance reports quarterly to ensure funding is used in accordance 
with the agreements and aid statutory reporting requirements.
    Forms: Payroll Support and Loan Application Forms and Agreements, 
Quarterly and Annual Compliance and Reporting Collection.
    Affected Public: Businesses and other for profits institutions.

[[Page 59375]]

    Estimated Number of Respondents: 1,000 for applications, 1,100 for 
reporting.
    Frequency of Response: Once for applications, Quarterly for 
reporting.
    Estimated Total Number of Annual Responses: 1,000 for applications, 
4,400 for reporting.
    Estimated Time per Response: 2 hours for applications, 4 hours for 
reporting.
    Estimated Total Annual Burden Hours: 2,000 for applications, 17,600 
for reporting.

    Authority: 44 U.S.C. 3501 et seq.

    Dated: September 15, 2020.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2020-20707 Filed 9-18-20; 8:45 am]
BILLING CODE 4810-25-P