[Federal Register Volume 87, Number 71 (Wednesday, April 13, 2022)]
[Notices]
[Pages 22026-22031]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07861]
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DEPARTMENT OF THE TREASURY
2022 Terrorism Risk Insurance Program Data Call
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Data collection.
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SUMMARY: Pursuant to the Terrorism Risk Insurance Act of 2002, as
amended (TRIA), insurers that participate in the Terrorism Risk
Insurance Program (TRIP
[[Page 22027]]
or Program) are directed to submit information for the 2022 TRIP Data
Call, which covers the reporting period from January 1, 2021 to
December 31, 2021. Participating insurers are required to register and
report information in a series of forms approved by the Office of
Management and Budget (OMB). All insurers writing commercial property
and casualty insurance in lines subject to TRIP, subject to certain
exceptions identified in this notice, must respond to this data call no
later than May 16, 2022.
DATES: Participating insurers must register and submit data no later
than May 16, 2022.
ADDRESSES: Participating insurers will register through a website that
has been established for this data call. After registration, insurers
will receive data collection forms through a secure file transfer
portal, and they will submit the requested data through the same secure
portal. Participating insurers can register for the 2022 TRIP Data Call
at https://tripsection111data.com. Additional information about the
data call, including sample data collection forms and instructions, can
be found on the TRIP website at https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/federal-insurance-office/terrorism-risk-insurance-program/annual-data-collection.
FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal Insurance Office, Room 1410,
Department of the Treasury, 1500 Pennsylvania Avenue NW, Washington, DC
20220, (202) 622-2922; Sherry Rowlett, Program Analyst, Federal
Insurance Office, Room 1410, Department of the Treasury, 1500
Pennsylvania Avenue NW, Washington, DC 20220, (202) 622-1890; Jeremy
Pam, Senior Insurance Regulatory Policy Analyst, Federal Insurance
Office, (202) 622-7009; or Saurav Banerjee, Senior Insurance Regulatory
Policy Analyst, Federal Insurance Office, (202) 622-5330. Persons who
have difficulty hearing or speaking may access these numbers via TTY by
calling the toll-free Federal Relay Service at (800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
TRIA \1\ created the Program within the U.S. Department of the
Treasury (Treasury) 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 market to stabilize and
build insurance capacity to absorb any future losses for terrorism
events. The Program has been reauthorized on a number of occasions, and
was most recently extended until December 31, 2027.\2\ TRIA requires
the Secretary of the Treasury (Secretary) to collect certain insurance
data and information from insurers on an annual basis regarding their
participation in the Program.\3\ TRIA also requires the Secretary to
prepare a biennial report on the effectiveness of the Program
(Effectiveness Report).\4\ The Effectiveness Report must be submitted
to Congress by June 30, 2022. The Federal Insurance Office (FIO) is
authorized to assist the Secretary in the administration of the
Program,\5\ including conducting the annual data call and preparing
reports and studies required under TRIA.
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\1\ Public Law 107-297, 116 Stat. 2322, codified at 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\ Terrorism Risk Insurance Program Reauthorization Act of
2019, Public Law 116-94, 133 stat. 2534.
\3\ TRIA, sec. 104(h)(1). Treasury regulations also address the
annual data collection requirement. See 31 CFR 50.51, 50.54.
\4\ TRIA, sec. 104(h)(2).
\5\ 31 U.S.C. 313(c)(1)(D).
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As discussed further below, there are certain changes to the data
collection forms that are being used this year as compared to those
that were used during the 2021 TRIP Data Call. FIO solicited public
comment concerning these forms,\6\ and received a number of comments
concerning the proposed changes. FIO's evaluation of those comments,
and the steps it has taken in response to the comments, are addressed
below. The forms were then submitted for approval to the Office of
Management and Budget (OMB), pursuant to the requirements of the
Paperwork Reduction Act. The data collection forms have now been
approved for use by OMB under Control Number 1505-0257 for a period
ending March 31, 2025.\7\
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\6\ Terrorism Risk Insurance Program 2022 Data Call, 86 FR 64600
(November 18, 2021).
\7\ Office of Information and Regulatory Affairs, Office of
Management & Budget, OMB Control No. 1505-0257, https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202202-1505-002.
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II. Elements of 2022 TRIP Data Call
For purposes of the 2022 TRIP Data Call, FIO, state insurance
regulators, and the National Association of Insurance Commissioners
(NAIC) will again use the consolidated data call mechanism first
developed for use in the 2018 TRIP Data Call. This approach relies on
four joint reporting templates, to be completed by Small Insurers, Non-
Small Insurers, Captive Insurers, and Alien Surplus Lines Insurers,
each as defined below. The use of joint reporting templates is designed
to satisfy the objectives of both Treasury and state insurance
regulators, while also reducing burden on participating insurers. State
insurance regulators or the NAIC will provide separate notification
regarding the reporting of information into the state reporting portal,
including any reporting requirements to state insurance regulators that
are distinct from the Treasury requirements. Insurers subject to the
consolidated data call that are part of a group will report on a group
basis, while those that are not part of a group will report on an
individual company basis.
A. Changes to the 2021 Reporting Templates
In November 2021, Treasury proposed a number of changes to the
existing data collection templates for use in the 2022 TRIP Data Call;
those changes related to the information sought specifically from
captive insurers, as well as from any insurers writing cyber
insurance.\8\ In its Notice, Treasury expressly sought comments
concerning these proposed changes. In response to the Notice, Treasury
received eight written comments.\9\ Those comments address issues
concerning the manner and subject of the data collection. The
suggestions made in those comments,
[[Page 22028]]
and Treasury's responses, are summarized below.
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\8\ Terrorism Risk Insurance Program 2022 Data Call, 86 FR 64600
(November 18, 2021).
\9\ Seven comments were received in response to Treasury's
November 2021 Notice, from the Centers for Better Insurance LLC
(December 10, 2021) (CBI Comments), the Chaucer Group (January 18,
2022) (Chaucer Comments), Underwriters at Lloyd's, London (January
18, 2022) (Lloyd's Comments), the National Association of Mutual
Insurance Companies (January 19, 2022) (NAMIC Comments), the
American Property Casualty Insurance Association (January 19, 2022)
(APCIA Comments), the National Risk Retention Association (January
19, 2022) (NRRA Comments), and the Vermont Captive Insurance
Association, the Captive Insurance Companies Association, and the
Captive Insurance Council of the District of Columbia (consolidated
submission) (January 19, 2022) (VCIA/CICA/CICDC Comments). These
comments are available at https://www.regulations.gov/document/TREAS-TRIP-2021-0020-0001/comment. In addition, NAMIC submitted an
additional comment letter dated March 9, 2022 in response to the
separate Federal Register Notice (87 FR 8941 (February 16, 2022))
published by Treasury in connection with Paperwork Reduction Act
requirements. That comment is available at https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202202-1505-002, and addresses the same
issues as those identified in NAMIC's initial comment letter.
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Captive Insurer Reporting Comments
One comment that addressed the proposed data collection revisions
concerning captive insurers did not object to any of the captive
insurer changes; rather, it suggested additional changes to require
responding captive entities to specify their type of captive insurer
(e.g., pure captive, protected cell captive, etc.).\10\ Because of the
type of analysis Treasury performs with respect to the captive insurers
in connection with the Program, such further detail would not assist in
Treasury's evaluation of the exposure posed to the Program by captive
insurers, and Treasury declines to make the further proposed changes.
In addition, the commenter also proposed the addition of more granular
questions than Treasury has proposed with regard to standalone coverage
for nuclear, biological, chemical, and radiological (NBCR) terrorism
risk versus conventional terrorism risk issued by captive insurers, as
well as associated reinsurance.\11\ Treasury believes that the level of
detail originally proposed will provide sufficient information
regarding the use of captives to provide NBCR coverage. Therefore,
Treasury declines to make the proposed changes. To the extent further
analysis of the data obtained by Treasury suggests that additional
changes are warranted, Treasury can address such changes at a later
time.
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\10\ CBI Comments at 3-4.
\11\ Id. at 4-6.
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Two comments received from captive insurer trade associations
indicated that they do not oppose the changed reporting requirements
(both those specific to captive insurers, as well as those addressing
cyber insurance).\12\ However, each commenter noted the increasing
burden they claim is imposed by the data collection requirements on
captive insurers, cautioning that such burdens could become
unsustainable for such entities. The commenters also stated that the
data that will be produced by these entities in response to the data
collection is highly confidential.\13\ Treasury is mindful of the
burden imposed by data collection requirements and will continue to
seek to minimize this burden as appropriate, consistent with its
stewardship of the Program and reporting requirements to Congress. To
that end, Treasury confirms (as requested by the commenters) that it
will continue to excuse from reporting requirements captive insurers
that do not write any terrorism risk insurance subject to the Program
(whether on a standalone or embedded basis), and that it will continue
to collect information through an outside data aggregator that provides
the information to Treasury in an anonymized, aggregated format.
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\12\ VCIA/CICA/CICDC Comments at 2; NRRA Comments at 1-2.
\13\ Id.
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Cyber Insurance Reporting Comments
Four additional comments were received that focused upon the
proposed cyber insurance reporting changes--two from insurance trade
associations,\14\ and two from or on behalf of companies or syndicates
operating in the alien surplus lines insurance market.\15\ These
comments raise the following issues, which Treasury summarizes--along
with its responses--as follows:
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\14\ NAMIC Comments; APCIA Comments.
\15\ Chaucer Comments; Lloyd's Comments.
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Two of the commenters questioned whether there has been sufficient
coordination with state regulators for the newly-proposed data
elements.\16\ Section 104(h)(4) of the Act states that Treasury shall
coordinate with state regulators in advance ``to determine if the
information to be collected is available from, and may be obtained in a
timely manner by, individually or collectively, such entities.'' Among
other things, Treasury reviewed existing state cyber insurance data
calls and coordinated with the NAIC with regard to the newly-proposed
data elements. Treasury has determined that the newly-proposed data
elements (information by policyholder size (Cyber Worksheet, Lines 12-
17), cyber policy limits specific to cyber extortion and ransomware
(Cyber Worksheet, Lines 21-24), and cyber-related loss payments
specific to cyber extortion and ransomware (Cyber Worksheet, Lines 25-
30)) are not currently collected by state regulators or available from
publicly-available sources. Treasury coordinated as required under
Section 104(h)(4) of the Act respecting these newly-proposed data
elements. Additionally, Treasury issued for public comment a notice
describing the proposed changes for the TRIP data collection; no
commenters suggested that the information sought by Treasury was
available from publicly-available sources. Also, state regulators (who
have not previously requested this information) will be using the same
reporting templates as Treasury is authorized to use for the 2022 data
call for purposes of the parallel state terrorism risk insurance
collection that state regulators have conducted on a coordinated basis
with Treasury since 2018. This collaborative approach to the TRIP data
collection has resulted in significant efficiencies for reporting
insurers.
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\16\ Lloyd's Comments at 1; APCIA Comments at 1.
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Two of the commenters raised questions as to whether the collection
of information relating to cyber insurance written in non-Program
eligible lines is within the scope of the Secretary's authority under
the Act.\17\ These comments, if accepted, would curtail the Secretary's
ability to determine the effectiveness of the Program, which is the
purpose of data collection under Section 104(h) of the Act. While
Treasury has determined that cyber risk insurance is within the scope
of the Act if written in Program-eligible lines of insurance (see 31
CFR 50.4(w)(1)), there is some cyber insurance that is written and
reported as professional liability insurance, which is a line of
business that, by statute, is not subject to the Program. Evaluating
how this Program exclusion affects the Program's scope of coverage
requires Treasury to understand how much cyber insurance is written
outside of Program-eligible lines, which could inform Treasury and, by
extension, Congress regarding the potential need to consider changes to
Program regulations or the Act itself. Congress already indicated the
need for evaluation of the Act's scope with regard to cyber insurance
when it instructed the Government Accountability Office (GAO) in
Section 502(d) of the 2019 TRIP Reauthorization Act (Pub. L. 116-94,
133 Stat. 2534) to conduct a study that addresses, among other things,
``recommendations on how Congress could amend the Terrorism Risk
Insurance Act of 2002 (15 U.S.C. 6701 note) to meet the next generation
of cyber threats.'' Treasury believes that the newly-proposed data
elements are within the scope of the Secretary's authority to obtain
information relating to the effectiveness of the Program, which
encompasses the collection and analysis of data regarding this emerging
threat.
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\17\ Lloyds's Comments at 1; NAMIC Comments at 2; see also APCIA
Comments at 1 (noting that ``Treasury is now proposing to collect
non-terrorism cyber insurance data for the first time'').
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Each of the four commenters indicated that not all insurers during
the insurance placement process in calendar year 2021 were
electronically gathering all of the newly-proposed data elements. These
commenters also stated that they therefore would be unable to report
such information by May 2022, at least not without a costly manual
review
[[Page 22029]]
of files or, in some cases, by re-engaging with the policyholder to
obtain the additional information. The comments from three of the
commenters \18\ do not say or imply that all insurers would be
presented with these issues, but only that some of them would face
these issues. Similar questions were also raised by these commenters as
to whether electronic systems could be updated in a timely fashion to
allow for the electronic collection and reporting of the newly-proposed
data elements. The fourth commenter also indicated that it had similar
issues in terms of the collection of certain of the data elements,
while noting that it had modified its policy administration systems to
ensure that the newly-proposed data elements would be collected and
available for reporting in 2023, in connection with calendar year 2022
data.\19\ In view of these purported obstacles, all of the commenters
requested that production of the newly-proposed data elements not be
made mandatory for purposes of the 2022 data call (or even in some
cases for purposes of the 2023 data call).
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\18\ Lloyd's Comments at 1-2; NAMIC Comments at 2, 4-6; APCIA
Comments at 1-2.
\19\ Chaucer Comments at 1.
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Treasury is mindful of the expense and burden \20\ posed for
participating insurers by the Act's data collection requirements and
has in the past taken steps to construct the data calls for the Program
in such a way as to minimize that burden, to the greatest extent
practicable consistent with the goals of this statutorily-mandated data
collection. At the same time, Treasury is obligated under the Act to
continue to assess the effectiveness of the Program, including whether
there is available and affordable insurance in the market that could
respond to an act of terrorism, which includes cyber insurance.
Treasury will seek to balance the potential reporting difficulties
identified by commenters against its mandate to collect information
regarding cyber insurance by modifying its proposed instructions for
purposes of the 2022 Program data call to confirm that insurers that
are unable in good faith to report the newly-proposed data elements,
because such information is currently unavailable, will not be
penalized for failing to do so. All insurers that provide cyber
insurance should continue to respond to the general premium and limits
questions that have been posed in the prior collections and which have
not changed. To the extent an insurer is able to report the newly-
proposed data elements, it should do so in the FY22 data call. A
reporting insurer that has further questions as to how to provide the
proposed information for the 2022 Data Call may also contact Treasury,
so that the two parties can discuss how to most effectively achieve
this balance. Treasury has modified the proposed instructions for the
data call to reflect this approach.
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\20\ Treasury addressed in its November 2021 notice proposing
changes to the data call the estimated incremental burden associated
with the proposed changes. See Terrorism Risk Insurance Program 2022
Data Call, 86 FR 64600, 64603 (November 18, 2021). Treasury received
one comment from a trade association indicting that ``some'' of its
members advised that the Treasury estimate was ``significantly
understated,'' with only one of the members providing a specific
estimate that up to 30 hours of additional effort (instead of the 10
estimated by Treasury) would be required to respond to the new cyber
worksheet requirements. See APCIA Comments at 2. No other comments
were received regarding the level of burden required. Although
Treasury will not modify its burden estimate for the entire industry
based upon this single comment, which may not be representative of
the experience of responding insurers overall, it will monitor the
issue during the 2022 Data Call and revise its estimates as
necessary going forward based upon that experience. In addition,
since some insurers (based upon the comments) may not be able to
report such information this year, Treasury's estimates as set
originally calculated in November 2021 may overstate the burden in
this first year of the expanded collection.
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Two commenters questioned the collection of certain data elements,
namely, premium and number of policies information by policyholder
size, measured by number of employees (in three specified categories)
(Cyber Worksheet, Lines 12-17).\21\ The commenters questioned the
availability of the information of policyholder size by number of
employees (at least outside workers' compensation insurance lines, not
relevant here), and whether it is an appropriate metric for evaluating
the risk exposure presented to insurers under cyber insurance policies.
While one of the commenters identified other potential metrics that
might be used instead, such as premium volume or revenue, it ultimately
concludes that none of these would be an appropriate metric to assess
cyber risk either, at least on a stand-alone basis, and that as a
result Treasury should not collect any information.\22\ However,
Treasury is seeking the information by policyholder size classification
not only to assess the risk exposure presented to insurers by these
policies, but also to evaluate whether (or to what extent) certain
categories of policyholders are taking up cyber risk insurance, and in
what amounts, in order to evaluate the effectiveness of the Program.
Number of employees is an accepted proxy for defining the size of
entities for insurance purposes.\23\ The employee number categories
utilized by Treasury are also consistent with the size categories used
by the NAIC in its recent data calls for business interruption losses
associated with COVID-19, in order to evaluate the scope of businesses
that had actually availed themselves of business interruption coverage.
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\21\ APCIA Comments at 2; NAMIC Comments at 4.
\22\ APCIA Comments at 2.
\23\ See GAO, Cyber Insurance: Insurers and Policyholders Face
Challenges in an Evolving Market (GAO-21-477) (May 2021) at 6 n.12,
https://www.gao.gov/assets/gao-21-477.pdf.
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Finally, certain commenters addressed various interpretive issues
concerning the questions posed by Treasury in the draft template. The
newly-proposed data elements use the terminology typically used in
state and NAIC data calls, such that reporting insurers should be
familiar with the information Treasury is requesting. While Treasury
believes that the language of the revised templates and associated
instructions regarding these issues are clear, it will be available, as
in past years, to respond to any interpretive questions as to specific
data elements for specific insurers as the data call proceeds.
As noted above, Treasury engaged with state insurance regulators
and the NAIC with regard to these issues in order to avoid duplication
of effort. State regulators also intend to rely upon these proposed
reporting templates, including for the newly-proposed data elements
that they have not previously collected, for the majority of the
information that they collect from participating insurers.
B. Reporting of Workers' Compensation Information
The TRIP Data Calls request certain information relating to
workers' compensation insurance. For the 2022 TRIP Data Call, Treasury
will again work with the National Council on Compensation Insurance
(NCCI), the California Workers' Compensation Insurance Rating Bureau
(California WCIRB), and the New York Compensation Insurance Rating
Board (NYCIRB) to provide workers' compensation data relating to
premium and payroll information on behalf of participating insurers,
either directly or through other workers' compensation rating bureaus.
The data aggregator used by Treasury will provide such insurers with
reporting templates that do not require them to report this workers'
compensation data. Reporting insurers that write only workers'
compensation policies are still required to register for the 2022 TRIP
Data Call and provide
[[Page 22030]]
general company information and data related to private reinsurance.
The data received from NCCI, the California WCIRB, and the NYCIRB will
be merged with the information provided by the insurers.
C. Reporting Templates
Except for the changes discussed above relating to Captive Insurers
in particular and for cyber insurance in general, there are no other
material changes to the reporting templates used in the 2021 TRIP Data
Call.\24\ Each category of insurer is required to complete the same
worksheets that they completed in the 2021 TRIP Data Call. The same
reporting exceptions apply this year as applied in the 2021 TRIP Data
Call, as specified further below in the discussions for each category
of insurer.
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\24\ There is a new modeled loss scenario identified in the
Reinsurance Worksheet that will be used in connection with the
modeled loss questions (which have not changed from those posed in
prior data collections). The modeled loss questions must be
completed by non-small insurers, alien surplus lines insurers, and
captive insurers. As in prior years, small insurers complete a
separate Reinsurance Worksheet that does not contain modeled loss
questions.
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Various worksheets used in the 2022 TRIP Data Call seek certain
information relating to workers' compensation insurance. NCCI, the
California WCIRB, and the NYCIRB will complete the workers'
compensation elements of these worksheets on behalf of reporting
insurers. Further information concerning the reporting templates for
each category of insurer, and the individual worksheets contained
within each, can be found in the instructions for the reporting
templates for each category of insurer. The individual reporting
templates and worksheets will also be addressed in the training
webinars discussed below.
For the 2022 TRIP Data Call, an insurer will qualify as a Small
Insurer if it had both 2020 policyholder surplus of less than $1
billion and 2020 direct earned premiums in TRIP-eligible lines of
insurance of less than $1 billion.\25\ Of this group, Small Insurers
with TRIP-eligible direct earned premiums of less than $10 million in
2021 will be exempt from the 2022 TRIP Data Call.\26\ Neither Captive
Insurers nor Alien Surplus Lines Insurers are eligible for this
reporting exemption. Insurers defined as Small Insurers for the 2022
TRIP Data Call will report the same information to Treasury and to
state insurance regulators (in each case on a group basis), except as
state insurance regulators may separately direct for purposes of the
state data call.
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\25\ Small Insurers are defined in 31 CFR 50.4(z) as insurers
(or an affiliated group of insurers) whose policyholder surplus for
the immediately preceding year is less than five times the Program
Trigger for the current year, and whose direct earned premiums in
TRIP-eligible lines for the preceding year are also less than five
times the Program Trigger for the current year. Accordingly, for the
2022 TRIP Data Call (covering the 2021 calendar year), an insurer
qualifies as a Small Insurer if its 2020 policyholder surplus and
2020 direct earned premiums are less than five times the 2021
Program Trigger of $200 million.
\26\ Individual insurers with less than $10 million in direct
earned premiums in TRIP-eligible lines that are part of a larger
group must still report as part of the group as a whole if the
group's direct earned premiums in these lines are over $10 million.
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The Non-Small Insurer template will be completed by insurance
groups (or individual insurers not affiliated with a group) that are
not subject to reporting on the Captive Insurer or Alien Surplus Lines
Insurer reporting templates, and had either a 2020 policyholder surplus
of greater than $1 billion or 2020 direct earned premiums in TRIP-
eligible lines of insurance equal to or greater than $1 billion.
Insurers defined as Non-Small Insurers for the 2022 TRIP Data Call will
report the same information to Treasury and to state insurance
regulators (in each case on a group basis), except as state insurance
regulators may separately direct for purposes of the state data call.
Captive Insurers are defined in 31 CFR 50.4(g) as insurers licensed
under the captive insurance laws or regulations of any state. Captive
Insurers that wrote policies in TRIP-eligible lines of insurance during
the reporting period (January 1, 2021 to December 31, 2021) are
required to register and submit data to Treasury, unless they did not
provide their insureds with any terrorism risk insurance (either on
standalone basis, or embedded in policies providing coverage for risks
other than terrorism) subject to the Program.
Alien Surplus Lines Insurers are defined in 31 CFR 50.4(o)(1)(i)(B)
as insurers not licensed or admitted to engage in the business of
providing primary or excess insurance in any state, but that are
eligible surplus line insurers listed on the NAIC Quarterly Listing of
Alien Insurers. Alien Surplus Lines Insurers that are part of a larger
group classified as a Non-Small Insurer or a Small Insurer should
report to Treasury as part of the group, using the appropriate
template. Therefore, the Alien Surplus Lines Insurer template should be
used only by an Alien Surplus Lines Insurer that is not part of a
larger group subject to the 2022 TRIP Data Call.
D. Supplemental Reference Documents
Treasury will continue to make available on the TRIP data
collection website \27\ documents providing a complete ZIP code listing
for areas subject to reporting on the Geographic Exposures (Nationwide)
Worksheet, as well as several hypothetical policy reporting scenarios.
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\27\ See https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/federal-insurance-office/terrorism-risk-insurance-program/annual-data-collection.
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E. Training Webinars
As in prior years, Treasury will hold four separate training
sessions corresponding to the four reporting templates that will be
used by insurers (Small Insurers, Non-Small Insurers, Captive Insurers,
and Alien Surplus Lines Insurers). The webinars will be held on April
20 and April 21, 2022 to assist reporting insurers in responding to the
2022 TRIP Data Call, with each webinar focusing on a specific reporting
template. Specific times and details concerning participation in the
webinars will be made available on the TRIP data collection website,
and recordings of each webinar will be made available on the website
following each training session.
III. 2022 TRIP Data Call
Treasury, through an insurance statistical aggregator, will accept
group or insurer registration forms through https://tripsection111data.com. Registration is mandatory for all insurers
participating in the 2022 TRIP Data Call. Upon registration, the
aggregator will transmit individualized data collection forms (in Excel
format) to the reporting group or insurer via a secure file transfer
portal. The reporting group or insurer may transmit a complete data
submission via the same portal using either the provided Excel forms or
a .csv file.\28\
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\28\ Specifications for submission of data using a .csv file
will be provided to the insurer by the aggregator.
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Copies of the instructions and data collection forms are available
on Treasury's website in read-only format. Reporting insurers will
obtain the fillable reporting forms directly from the data aggregator
only after registering for the data collection process.
Reporting insurers are required to register and submit complete
data to Treasury no later than May 16, 2022.\29\ Because of the
statutory reporting deadline for Treasury's 2022
[[Page 22031]]
Effectiveness Report to Congress, no extensions will be granted.
Reporting insurers can ask the data aggregator questions about
registration, form completion, and submission at
[email protected]. Reporting insurers may also submit
questions to the Treasury contacts listed above. Questions regarding
submission of data to state insurance regulators should be directed to
the appropriate state insurance regulator or the NAIC.
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\29\ Under 31 CFR 50.51(a), data is to be provided to Treasury
no later than May 15 in each calendar year; as May 15 falls on a
Sunday in 2022, the due date is May 16, 2022.
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All data submitted to the aggregator is subject to the
confidentiality and data protection provisions of TRIA and the Program
Rules, as well as to Section 552 of title 5, United States Code,
including any exceptions thereunder. In accordance with the Paperwork
Reduction Act (44 U.S.C. 3501-3521), the information collected through
the web portal has been approved by OMB under Control Number 1505-0257.
An agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a valid OMB
control number.
Steven E. Seitz,
Director, Federal Insurance Office.
[FR Doc. 2022-07861 Filed 4-12-22; 8:45 am]
BILLING CODE 4810-AK-P