Terrorism Risk Insurance Program Cap on Annual Liability

Forms and Documents

Document	Type	Status	Availability
Form TRIP 05 TRIP Data Call [Cap on Annual Liability]	Form	Modified	Repair queued
Supporting_Statement_Cap_7June2012[1].doc	Supporting Statement A	Uploaded 2012-06-11	Available
Schedule C Instructions 17May2011.doc	Supplementary Document	Uploaded 2012-06-07	Repair queued
Schedule C 29Mar2011.xls	Supplementary Document	Uploaded 2012-06-07	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
186550	TRIP Data Call [Cap on Annual Liability]	Form	Modified

ICR Details

OMB Control No: 1505-0208	ICR Reference No: 201205-1505-006
Status: Historical Active	Previous ICR Reference No: 201006-1505-004
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Terrorism Risk Insurance Program Cap on Annual Liability
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/11/2013
	Date Received in OIRA: 11/30/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2016	36 Months From Approved	01/31/2013
Responses	200	0	200
Time Burden (Hours)	1,000	0	1,000
Cost Burden (Dollars)	85,000	0	85,000

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Abstract: 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".

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Authorizing Statute(s): 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
  

Citations for New Statutory Requirements: None

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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 42364	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? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
TRIP Data Call [Cap on Annual Liability]	TRIP 05	Data Call

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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	200	200	0	0	0	0
Annual Time Burden (Hours)	1,000	1,000	0	0	0	0
Annual Cost Burden (Dollars)	85,000	85,000	0	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:

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Annual Cost to Federal Government:

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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