Notice2022-03320
Agency Information Collection Activities; Proposed Collection; Comment Request; Collection of Data From Property and Casualty Insurers for Reports Concerning the Terrorism Risk Insurance Program
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 16, 2022
Issuing agencies
Treasury Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 87 Issue 32 (Wednesday, February 16, 2022)</title>
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[Federal Register Volume 87, Number 32 (Wednesday, February 16, 2022)]
[Notices]
[Pages 8941-8942]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-03320]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Proposed Collection;
Comment Request; Collection of Data From Property and Casualty Insurers
for Reports Concerning the Terrorism Risk Insurance Program
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Notice, request for comment.
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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 must be received on or before March 18, 2022.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. 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 <a href="/cdn-cgi/l/email-protection#c393918283b7b1a6a2b0b6b1baeda4acb5"><span class="__cf_email__" data-cfemail="8adad8cbcafef8efebf9fff8f3a4ede5fc">[email protected]</span></a>, calling (202)
622-8922, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Departmental Offices (DO)
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: Revision of a currently approved collection.
Description: Pursuant to the Terrorism Risk Insurance Act of 2002
(TRIA), the Federal Insurance Office (FIO) requests public feedback on
the proposed revisions to the data collection forms for the 2022 data
call. Treasury has determined that changes to the existing forms are
required in support of the administration of the Terrorism Risk
Insurance Program (Program) to obtain more detailed information in two
general areas: (1) Captive insurers; and (2) cyber insurance. There are
two general categories of material changes to the proposed reporting
templates for 2022--one that applies solely to captive insurers, and
the second that applies to the Cyber worksheet, which is contained in
all templates and is to be completed by all participating insurers that
write cyber insurance.
Treasury's advisory committee in connection with the Program, the
Advisory Committee on Risk-Sharing Mechanisms, recommended in 2020 that
Treasury evaluate the manner in which captive insurers access the
Program in order to ensure that the risk-sharing principles underlying
the Program are being met. In furtherance of that goal and Treasury's
administration of the Program, Treasury has proposed to require more
detailed information concerning the terrorism risk insurance subject to
the Program written by captive insurers as well as the insurance they
provide more generally.
The proposed changes for captive insurers will require them to
report much of the same information as
[[Page 8942]]
previously, but to segment it in more detail.
The proposed changes regarding cyber insurance seek more detailed
information concerning cyber insurance written by insurers subject to
the Program, in lines of insurance both covered and not covered by the
Program, so that Treasury may better evaluate the Program's response to
cyber-related incidents that could have implications for the Program
and its effectiveness, and Treasury's administration of it. In
addition, the proposed changes seek information on the type of
policyholders, by size, obtaining cyber insurance, and also request
detailed information on coverage for ransomware-related losses,
including existing claims information.
Affected Public: Businesses and other for-profit institutions.
Estimated Number of Respondents: 1,000.
Frequency of Response: Annually.
Estimated Total Number of Annual Responses: 1,000.
Estimated Time per Response: Varies from 32 hours up to 90 hours.
Estimated Total Annual Burden Hours: 51,800.
Authority: 44 U.S.C. 3501 et seq.
Dated: February 11, 2022.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2022-03320 Filed 2-15-22; 8:45 am]
BILLING CODE 4810-AK-P
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