Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA)

Forms and Documents

Document Name	Status
Form TRIP 04A TRIP Recoupment Reporting and Remittance Form	Modified
Form TRIP 04A TRIP Data Call [Recoupment] Form	Modified
Recoupment_Supporting_Statement_7June2012[1].docx Supporting Statement A	2012-11-30

IC Document Collections

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

ICR Details

OMB Control No: 1505-0207	ICR Reference No: 201205-1505-005
Status: Historical Active	Previous ICR Reference No: 201006-1505-005
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/25/2013
	Date Received in OIRA: 11/30/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2016	36 Months From Approved	03/31/2013
Responses	24,200	0	28,200
Time Burden (Hours)	121,000	0	209,000
Cost Burden (Dollars)	8,485,000	0	16,125,000

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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. 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. 109 - 144 - Name of Law: Terrorism Risk Insurance Extension Act of 2005
  

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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 42363	07/18/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 70207	11/23/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
TRIP Data Call [Recoupment]	TRIP 04B, TRIP 04A	STATEMENT OF “DIRECT WRITTEN PREMIUM AND MONTHLY SURCHARGE ,   Direct Written Premium and Federal Terrorism Policy Surcharge Instructions—Annual Report
TRIP Recoupment Reporting and Remittance	TRIP 04A, TRIP 04B	DIRECT WRITTEN PREMIUM AND MONTHLY SURCHARGE CALCULATION ,   “DIRECT WRITTEN PREMIUM AND END OF YEAR CALCULATION
Recoupment Provisions of the Terrorism Risk Insurance Act - Recordkeeping
Implementation [One Time] Recoupment Provisions of the Terrorism Risk Insurance Act -

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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	24,200	28,200	0	-4,000	0	0
Annual Time Burden (Hours)	121,000	209,000	0	-88,000	0	0
Annual Cost Burden (Dollars)	8,485,000	16,125,000	0	-7,640,000	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: Yes

Burden Reduction Due to: Changing Forms

Short Statement: Estimated burden hours are included with the forms TRIP 04A and 04B. The two deleted IC's were an estimate before the final forms were approved. By including these two IC's, burden hours were nearly doubled.

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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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 11/30/2012

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