Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA)

ICR 200906-1505-001

OMB: 1505-0207

Federal Form Document

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Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
ICR Details
1505-0207 200906-1505-001
Historical Inactive 200608-1505-006
TREAS/DO
Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA)
New collection (Request for a new OMB Control Number)   No
Regular
Preapproved 11/25/2009
Retrieve Notice of Action (NOA) 09/16/2009
  Inventory as of this Action Requested Previously Approved
11/30/2012 36 Months From Approved
28,200 0 0
209,000 0 0
16,125,000 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
  
PL: Pub.L. 110 - 160 103(e) Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007

1505-AB10 Final or interim final rulemaking

No

  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 28,200 0 28,200 0 0 0
Annual Time Burden (Hours) 209,000 0 209,000 0 0 0
Annual Cost Burden (Dollars) 16,125,000 0 16,125,000 0 0 0
No
No
The Terrorism Risk Insurance Act (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. The Act authorizes Treasury to administer and implement the Terrorism Risk Insurance Program (the Program), including the issuance of regulations and procedures. The Program provides a Federal backstop for insured losses from an act of terrorism. Section 103(e) of the Act gives Treasury authority to recoup federal payments made under the Program through policyholder surcharges, up to a maximum annual limit. Treasury is now issuing a final rule that describes how Treasury will determine the amounts to be recouped, including the provision for a “data call” for aggregate insured loss information, the factors and considerations that would be the basis for establishing the specific surcharge amount, describes the procedures for Treasury’s notification to insurers regarding the surcharges to be imposed, and establishes the requirements for insurers to collect, report and remit surcharges to the Treasury.

$0
No
No
Uncollected
Uncollected
No
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.
09/16/2009


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