Collection of Data from Property and Casualty Insurers for Reports Concerning the Terrorism Risk Insurance Program

Forms and Documents

Document Name	Status
Form TBD Insurer (Non-Small) Groups or Companies Form	Modified
1505-0257 Emergency Justification Memo to OMB 2020_Signed.pdf Supplementary Document	2020-02-25
1505-0257 SS - Places of Worship Revision 2020.docx Supporting Statement A	2020-02-25

IC Document Collections

IC ID	Document Title	Status
225988	Captive Insurers Reinsurance (Nationwide) Instruction	Modified
225987	Alien Surplus Lines Exposure Bases by Jurisdiction Instruction	Unchanged
225986	Small Insurers Insurer Group Affliations Instruction	Modified
225985	Insurer (Non-Small) Groups or Companies Form	Modified

ICR Details

OMB Control No: 1505-0257	ICR Reference No: 202002-1505-001
Status: Historical Active	Previous ICR Reference No: 201902-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Collection of Data from Property and Casualty Insurers for Reports Concerning the Terrorism Risk Insurance Program
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 03/06/2020
OIRA Conclusion Action: Approved with change	Conclusion Date: 03/09/2020
	Date Received in OIRA: 03/02/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2020	6 Months From Approved	03/31/2022
Responses	875	0	875
Time Burden (Hours)	43,900	0	41,250
Cost Burden (Dollars)	0	0	0

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Abstract: The Terrorism Risk Insurance Act of 2002 (TRIA) created the Terrorism Risk Insurance Program (Program) to address disruptions in the market for terrorism risk insurance, to help ensure the continued availability and affordability of commercial property and casualty insurance for terrorism risk, and to allow for the private markets to stabilize and build insurance capacity to absorb any future losses for terrorism events. The Program has been reauthorized on a number of occasions, most recently in the Terrorism Risk Insurance Program Reauthorization Act of 2015. TRIA requires the Secretary of the Treasury (Secretary) to perform periodic analyses of certain matters concerning the Program. In order to assist the Secretary with this process, TRIA requires insurers to submit on an annual basis certain insurance data and information regarding participation in the Program. Treasury is submitting the data collection forms proposed for use in the 2019 data collection process, pursuant to 31 CFR 50.51(c). Copies of these forms and associated explanatory materials are available for electronic review at https://www.treasury.gov/resource-center/fin-mkts/pages/program.aspx.

Emergency Justfication: The U.S. Department of the Treasury’s Federal Insurance Office (which assists the Secretary of the Treasury in the administration of the Terrorism Risk Insurance Program (TRIP)) requests emergency processing of a revision to OMB Control 1505-0257 in accordance with 5 C.F.R. 1320.13. The revision will modify the TRIP Data Collection Templates for CY 2020 in order to collect additional data elements required by recent legislation. The Terrorism Risk Insurance Program is essential to the Department’s mission to strengthen national security by combating threats and protecting the integrity of the U.S. financial system. Under the 2019 Terrorism Risk Insurance Program Reauthorization Act of 2019 (2019 Reauthorization Act) signed by the President on December 20, 2019, Treasury is required for the first time to address in certain reports concerning TRIP the availability and affordability of terrorism risk insurance for places of worship. The first report including this new information must be submitted to Congress no later than June 30, 2020. Although Treasury has been collecting terrorism risk insurance data annually since 2016, pursuant to the requirements of Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015, the new legislation requires Treasury to request certain additional data on places of worship (Places of Worship) that was not previously included in the prior data collection templates approved by OMB. If Treasury were to follow normal clearance procedures it would not be able to collect and process the data relating to Places of Worship in time to submit the report to Congress by the statutory deadline of June 30, 2020. Given that this new requirement was just signed into law in late December, it was not possible to prepare for and seek clearance earlier. Treasury requests that OMB approve this request for emergency clearance of a new template (and associated instructions) relating to Places of Worship so that Treasury may begin the data collection in February, in time to receive and process the necessary information for its June 30, 2020 Report. There are no material changes to the other data points being collected under TRIP, which OMB has approved under Control Number 1505-0257. Treasury has solicited public comment previously on the existing data requirements, and the new Places of Worship template is similar to the existing TRIP data collection templates. Treasury requests approval of the revision for 1505-0257 by March 6, 2020 and will publish notice in the Federal Register seeking public comment during the period of OMB review.

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Authorizing Statute(s): PL: Pub.L. 110 - 160 121 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2007
   PL: Pub.L. 107 - 297 1161 Name of Law: Terrorism Risk Insurance Act of 2002
   US Code: 15 USC 6701 Name of Law: Operation of State Law
   PL: Pub.L. 109 - 144 119 Name of Law: Terrorism Risk Insurance Extension Act of 2005
   PL: Pub.L. 114 - 1 129 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2015
  

Citations for New Statutory Requirements: PL: Pub.L. 116 - 94 502 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2019

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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

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
Alien Surplus Lines Exposure Bases by Jurisdiction	TBD	Terrorism Risk Insurance Program: Alien Surplus Lines
Small Insurers Insurer Group Affliations	TBD, TBD	Terrorism Risk Insurance Program: Small Insurers ,   Terrorism Risk Insurance Program: Places of Worship
Insurer (Non-Small) Groups or Companies	TBD, TBD	Places of Worship ,   Terrorism Risk Insurance Program: Insurer (Non-Small) Groups or Companies
Captive Insurers Reinsurance (Nationwide)	TBD, TBD	Terrorism Risk Insurance Program: Captive Insurers ,   Terorism Risk Insurance Program: Places of Worship

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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	875	875	0	0	0	0
Annual Time Burden (Hours)	43,900	41,250	2,650	0	0	0
Annual Cost Burden (Dollars)	0	0	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: There is an increase in burden due to the collection of new data on Places of Worship mandated in the in the 2019 TRIP Reauthorization Act.

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Annual Cost to Federal Government: $450,000

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 03/02/2020

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