Terrorism Risk Insurance Program Cap on Annual Liability

ICR 200904-1505-003

OMB: 1505-0208

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Unchanged
Supporting Statement A
2009-11-03
Supplementary Document
2008-09-12
Supplementary Document
2008-09-12
IC Document Collections
IC ID
Document
Title
Status
186550 Unchanged
ICR Details
1505-0208 200904-1505-003
Historical Inactive 200809-1505-002
TREAS/DO
Terrorism Risk Insurance Program Cap on Annual Liability
New collection (Request for a new OMB Control Number)   No
Regular
Preapproved 11/03/2009
Retrieve Notice of Action (NOA) 06/11/2009
Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.
  Inventory as of this Action Requested Previously Approved
11/30/2012 36 Months From Approved
200 0 0
1,000 0 0
85,000 0 0

Section 103 of the Terrorism Risk Insurance Act of 2002 (the Act), as amended by the Reauthorization Act, sets a limit on the annual liability for insured losses at $100 billion. This section requires the Secretary of the Treasury to notify Congress not later than 15 days after the date of an act of terrorism as to whether aggregate insured losses are estimated to exceed the cap. The Act, as amended, also requires the Secretary to determine the pro rata share of insured losses under the Program when insured losses exceed the cap, and to issue regulations for carrying this out. In order to meet these requirements, Treasury may need to obtain loss information from involved insurers. This would be accomplished by the issuance of a “data call” to ascertain insurer losses. In the event of the imposition on insurers of a “pro rata loss percentage”, it will be necessary to determine compliance when processing insurer claims for payment of the Federal share of compensation. This would be accomplished by nominal revision to the currently approved Treasury form TRIP 02C, “Bordereau” or “Schedule C”.

PL: Pub.L. 107 - 297 103 Name of Law: Terrorism Risk Insurance act of 2002
   PL: Pub.L. 109 - 144 103 Name of Law: Terrorism Risk Insurance Extension Act of 2005
   PL: Pub.L. 110 - 160 103 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007
  
PL: Pub.L. 110 - 160 103 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007

1505-AB92 Proposed rulemaking 73 FR 56767 09/30/2008

  73 FR 56767 09/30/2008
74 FR 25801 05/29/2009
Yes

1
IC Title Form No. Form Name
TRIP Data Call [Cap on Annual Liability] TRIP 03 Terrorism Risk Insurance Program Data Call

  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 200 0 200 0 0 0
Annual Time Burden (Hours) 1,000 0 1,000 0 0 0
Annual Cost Burden (Dollars) 85,000 0 85,000 0 0 0
No
No
The burden associated with the collection of information in the proposed rule is comprised of two elements: (1) the “data call” for insured loss and other information; and (2) the addition of three data elements to the approved TRIP claims reporting form, “Schedule C” – “Bordereau”. It is estimated that 200 insurers would be subject to either requirement. Treasury estimates that an insurer would require approximately 5 hours to respond to a data call for a total burden of 1,000 hours (200 insurers X 5 hours). Treasury believes that there would be virtually no increase in the currently estimated burden for the Schedule.

No
No
Uncollected
Uncollected
No
Uncollected
Howard Leiken

  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.
06/11/2009


© 2024 OMB.report | Privacy Policy