Recordkeeping Requirements for Insurers Compensated Under Terrorism Risk Insurance Program

ICR 201004-1505-001

OMB: 1505-0197

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-04-09
IC Document Collections
ICR Details
1505-0197 201004-1505-001
Historical Active 200705-1505-002
TREAS/DO
Recordkeeping Requirements for Insurers Compensated Under Terrorism Risk Insurance Program
Extension without change of a currently approved collection   No
Regular
Approved without change 10/15/2010
Retrieve Notice of Action (NOA) 08/17/2010
  Inventory as of this Action Requested Previously Approved
10/31/2013 36 Months From Approved 10/31/2010
100 0 100
833 0 833
0 0 0

Sections 103(a) and 104 of the Terrorism Risk Insurance Act of 2002 (Pub. L. 107–297) (as extended by the Terrorism Risk Insurance Extension Act of 2005, Pub. L. 109–144 and the Terrorism Risk Insurance Program Reauthorization Act of 2007, Pub. L. 110-160) authorize the Department of the Treasury to administer and implement the Terrorism Risk Insurance Program established by the Act. In 31 CFR part 50, subpart F (Sec. 50.50–50.55)Treasury established requirements and procedures for insurers that file claims for payment of the Federal share of compensation for insured losses resulting from a certified act of terrorism under the Act. Section 50.60 allows Treasury access to records of an insurer pertinent to amounts paid as the Federal share of compensation for insured losses in order to conduct investigations, confirmations and audits. Section 50.61 requires insurers to retain all records as are necessary to fully disclose all material matters pertaining to insured losses. This collection of information is the recordkeeping requirement in § 50.61.

PL: Pub.L. 109 - 144 2 Name of Law: Terrorism Risk Insurance Extension Act of 2005
   PL: Pub.L. 107 - 297 103(a) and 104 Name of Law: Terrorism Risk Insurance Act of 2002
   PL: Pub.L. 110 - 160 1(a) Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007
  
None

Not associated with rulemaking

  75 FR 30106 05/28/2010
75 FR 47345 08/05/2010
No

1
IC Title Form No. Form Name
Recordkeeping Requirements for Insurers Compensated Under Terrorism Risk Insurance Program

  Total Approved 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 100 100 0 0 0 0
Annual Time Burden (Hours) 833 833 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
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.
08/17/2010


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