Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA)

Forms and Documents

Document Name	Status
Form TRIP 05 TRIP Data Call [Recoupment] Form	Modified
Recoup__PRA_Supporting_Statement_6-3-2009[1].docx Supporting Statement A	2009-11-24

IC Document Collections

IC ID	Document Title	Status
45224	Recoupment Provisions of the Terrorism Risk Insurance Act - Recordkeeping	Modified
44888	Implementation [One Time] Recoupment Provisions of the Terrorism Risk Insurance Act -	Modified
186494	TRIP Recoupment Reporting and Remittance Instruction	Modified
186493	TRIP Data Call [Recoupment] Form	Modified

ICR Details

OMB Control No: 1505-0207	ICR Reference No: 201006-1505-005
Status: Historical Active	Previous ICR Reference No: 200906-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/04/2010
	Date Received in OIRA: 06/04/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2012	36 Months From Approved
Responses	28,200	0	0
Time Burden (Hours)	209,000	0	0
Cost Burden (Dollars)	16,125,000	0	0

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Abstract: 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.

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Authorizing Statute(s): 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
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 160 103(e) Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1505-AB10	Final or interim final rulemaking	74 FR 66051	12/14/2009

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Implementation [One Time] Recoupment Provisions of the Terrorism Risk Insurance Act -
Recoupment Provisions of the Terrorism Risk Insurance Act - Recordkeeping
TRIP Data Call [Recoupment]	TRIP 05	Terrorism Risk Insurance Program Data Call
TRIP Recoupment Reporting and Remittance	TRIP 04B, TRIP04A	TRIP Year End Calculation of Fereral Terrorism Policy Surcharge ,   TRIP Monthly Calculation of Federal Terrorism Policy Surcharge

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ICR Summary of Burden

	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	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

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: 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.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/16/2009

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