[Federal Register Volume 89, Number 54 (Tuesday, March 19, 2024)]
[Notices]
[Pages 19640-19642]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05751]


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DEPARTMENT OF THE TREASURY


2024 Terrorism Risk Insurance Program Data Call

AGENCY: Departmental Offices, U.S. 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 or Program) are directed to submit information 
for the 2024 TRIP Data Call, which covers the reporting period from 
January 1, 2023 to December 31, 2023. 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 15, 2024.

DATES: Participating insurers must register and submit data no later 
than May 15, 2024.

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 2024 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, Lead Management and 
Senior Insurance Policy Analyst, Terrorism Risk Insurance Program, Room 
1410, Department of the Treasury, 1500 Pennsylvania Avenue NW, 
Washington, DC 20220, (202) 622-2922; or Theodore Newman, Senior 
Insurance Regulatory Policy Analyst, Federal Insurance Office Room 
1410, Department of the Treasury, 1500 Pennsylvania Avenue NW, 
Washington, DC 20220, (202) 622-1748. 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, 2024. 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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II. Elements of the 2024 TRIP Data Call

    For purposes of the 2024 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

[[Page 19641]]

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. Reporting of Workers' Compensation Information

    The TRIP Data Calls request certain information relating to 
workers' compensation insurance. For the 2024 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 2024 TRIP 
Data Call and provide 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.

B. Reporting Templates

    There are no material changes to the data collection worksheets or 
instructions from last year, and each category of insurer is required 
to complete the same worksheets that they completed in the 2023 TRIP 
Data Call.\6\ The same reporting exceptions apply this year as applied 
in the 2023 TRIP Data Call, as specified further below in the 
discussions for each category of insurer.
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    \6\ 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 2024 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 2024 TRIP Data Call, an insurer will qualify as a Small 
Insurer if it had both 2022 policyholder surplus of less than $1 
billion and 2022 direct earned premiums in TRIP-eligible lines of 
insurance of less than $1 billion.\7\ Of this group, Small Insurers 
with TRIP-eligible direct earned premiums of less than $10 million in 
2023 will be exempt from the 2024 TRIP Data Call.\8\ Neither Captive 
Insurers nor Alien Surplus Lines Insurers are eligible for this 
reporting exemption. Insurers defined as Small Insurers for the 2024 
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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    \7\ 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 
2024 TRIP Data Call (covering the 2023 calendar year), an insurer 
qualifies as a Small Insurer if its 2022 policyholder surplus and 
2022 direct earned premiums are less than five times the 2023 
Program Trigger of $200 million.
    \8\ 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 2022 policyholder surplus 
of greater than $1 billion or 2022 direct earned premiums in TRIP-
eligible lines of insurance equal to or greater than $1 billion. 
Insurers defined as Non-Small Insurers for the 2024 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, 2023 to December 31, 2023) 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 2024 
TRIP Data Call.

C. Supplemental Reference Documents

    Treasury will continue to make available on the TRIP data 
collection website \9\ 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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    \9\ 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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D. 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 3 
and April 4, 2024 to assist reporting insurers in responding to the 
2024 TRIP Data Call, with each webinar focusing on a specific reporting 
template. Specific times and details

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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. 2024 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 2024 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.\10\
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    \10\ 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 15, 2024.\11\ Because of the 
statutory reporting deadline for Treasury's 2024 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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    \11\ Under 31 CFR 50.51(a), data is to be provided to Treasury 
no later than May 15 in each calendar year.
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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. 2024-05751 Filed 3-18-24; 8:45 am]
BILLING CODE 4810-AK-P