Pursuant to 5
CFR 1320.11(c), OMB files this comment on this information
collection request (ICR). In accordance with 5 CFR 1320, OMB is
withholding approval at this time. The agency shall examine public
comment in response to the NPRM and will include in the supporting
statement of the next ICR--to be submitted to OMB at the final rule
stage--a description of how the agency has responded to any public
comments on the ICR, including comments on maximizing the practical
utility of the collection and minimizing the burden.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
0
0
0
0
0
0
0
0
0
Section 103(e) of the Terrorism Risk
Insurance Act of 2002 gives Treasury authority to recoup federal
payments made under the Program through policyholder surcharges, up
to a maximum annual limit. The Secretary is required to provide for
insurers to collect these amounts and remit them to Treasury. In
order to determine how and when to initiate the recoupment process
Treasury will require information about industry aggregate total
insured losses, insurer deductibles and reserves and may need to
issue a data call to supplement existing industry reporting. If
recoupment is initiated, insurers will be required to report and
remit the Federal Terrorism Policy Surcharge. Treasury will require
access to all books, documents, papers and records of an insurer
that are pertinent to the Surcharge for the purpose of
investigation, confirmation, audit and examination. The record
keeping and reporting requirements will arise only after Treasury
has initiated the recoupment process. This clearance action is for
the data call, insurer reporting and record keeping requirements.
Keywords: Terrorism Risk Insurance.
PL:
Pub.L. 109 - 144 - Name of Law: Terrorism Risk Insurance
Extension Act of 2005
PL:
Pub.L. 110 - 160 - Name of Law: Terrorism Risk Insurance
Program Reauthorization Act of 2007
PL:
Pub.L. 107 - 297 103 Name of Law: Terrorism Risk Insurance Act
of 2002
Impending issuance of
regulations implementing statutory recoupment requirements of the
Terrorism Risk Insurance Act of 2002.
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Howard Leikin 202-622-7139
Howard.Leikin@do.treas.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.