Notice2023-26259
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Terrorism Risk Insurance Program (TRIP)
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
November 29, 2023
Issuing agencies
Treasury Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 88 Issue 228 (Wednesday, November 29, 2023)</title>
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[Federal Register Volume 88, Number 228 (Wednesday, November 29, 2023)]
[Notices]
[Pages 83422-83423]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[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 <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 Spencer W. Clark by emailing <a href="/cdn-cgi/l/email-protection#b3e3e1f2f3c7c1d6d2c0c6c1ca9dd4dcc5"><span class="__cf_email__" data-cfemail="dd8d8f9c9da9afb8bcaea8afa4f3bab2ab">[email protected]</span></a>, calling
(202) 927-5331, or viewing the entire information collection request at
<a href="http://www.reginfo.gov">www.reginfo.gov</a>.
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]
BILLING CODE 4810-AK-P
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