Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA)

Forms and Documents

Document Name	Status
Form TRIP 04A TRIP Recoupment Reporting and Remittance Form and Instruction	New
Form TRIP 03 TRIP Data Call [Recoupment] Form	New
09-10-08 Recoup PRA Supporting Statement w hl.doc Supporting Statement A	2008-09-10

IC Document Collections

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

ICR Details

OMB Control No: 1505-0207	ICR Reference No: 200608-1505-006
Status: Historical Inactive	Previous ICR Reference No:
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: Comment filed on proposed rule	Conclusion Date: 12/01/2008
	Date Received in OIRA: 09/12/2008
Terms of Clearance: 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
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	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: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1505-AB10	Proposed rulemaking	73 FR 53798	09/17/2008

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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
Recoupment Provisions of the Terrorism Risk Insurance Act - Recordkeeping
Implementation [One Time] Recoupment Provisions of the Terrorism Risk Insurance Act -
TRIP Data Call [Recoupment]	TRIP 03	Terrorism Risk Insurance Program Data Call
TRIP Recoupment Reporting and Remittance	TRIP 04B, TRIP 04A	TRIP Monthly Calculation of Federal Terrorism Policy Surcharge ,   TRIP Year End Calculation of Federal Terrorism Policy Surcharge

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Impending issuance of regulations implementing statutory recoupment requirements of the Terrorism Risk Insurance Act of 2002.

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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)? Uncollected

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: 09/12/2008

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