[Federal Register Volume 88, Number 228 (Wednesday, November 29, 2023)]
[Notices]
[Pages 83422-83423]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26259]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Terrorism Risk Insurance Program (TRIP)

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

ACTION: Notice of information collection; request for comment.

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SUMMARY: The Department of the Treasury will submit the following 
information collection request 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 this request.

DATES: Comments should be received on or before January 2, 2024 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 Spencer W. Clark by emailing [email protected], calling 
(202) 927-5331, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Departmental Offices (DO)

    Title: Terrorism Risk Insurance Program (TRIP).
    OMB Control Number: 1505-0200.
    Type of Review: Extension without change of a currently approved 
collection.
    Description: The Terrorism Risk Insurance Act of 2002, as amended 
(TRIA or the Act), 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 following a 
certified ``act of terrorism,'' 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 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 
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 (as explained further in this Notice), the 
information collection is not subject to a specific form but is based 
upon

[[Page 83423]]

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. Therefore, to administer the Program, Treasury needs to continue 
the existing information collections to permit the receipt and 
resolution of claims, and potential recoupment of amounts expended by 
Treasury. Treasury seeks to extend these previously approved 
collections without change. Treasury has updated the burden estimates 
associated with the renewal of the existing forms or collection 
obligations to account for the current number of insurers participating 
in the Program, based upon the best information now available to 
Treasury. As there are no proposed changes to the current forms or 
collection obligations, there are no changes to the previously 
estimated time burdens associated with the completion of those forms 
and collection obligations. None of the identified information 
collections will be triggered unless there is a certified act of 
terrorism (including the claims information that an insurer seeking 
payment of the Federal share of compensation would need 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 typically collect already in their ordinary course of business 
when handling insurance claims, which will minimize any burden 
associated with their completion.
    Form: Treasury Forms TRIP 01, 02, 02A, 02B, 02C, 03, 04A, 04B, 05, 
06 & 07.
    Affected Public: Business/financial institutions.
    Estimated Number of Respondents: 9,181.
    Frequency of Response: On occasion.
    Estimated Total Number of Annual Responses: 46,431.
    Estimated Time per Response: Varies from 15 minutes to 40 hours 
depending on form or submission type.
    Estimated Total Annual Burden Hours: 257,077.
    Authority: 44 U.S.C. 3501 et seq.

Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2023-26259 Filed 11-28-23; 8:45 am]
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