Terrorism Risk Insurance Program (TRIP)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form TRIP 01 Commercial Property and Casualty Insurers Submission for Federal Share of Compensation	Form and Instruction	Modified	Available
Form TRIP 03 Litigation Management - Information Collection Regarding Proposed Settlements	Form and Instruction	Unchanged	Available
1505-0200_Consolidated Supporting Statement for Program Forms_Final.docx	Supporting Statement A	Uploaded 2020-09-11	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
39047	Commercial Property and Casualty Insurers Submission for Federal Share of Compensation	Form and Instruction	Modified
243561	Rebuttal of Controlling Influence Submissions		New
227215	Surcharge Records Maintenance		Modified
227214	Systems Changes to Collect Policyholder Surcharges (First Year Only)		Modified
227213	Recordkeeping Requirements for Insurers Compensated under Terrorism Risk Insurance Program		Unchanged
227212	Commutations Under Final Netting Rule		Unchanged
227211	Monthly Claims Report	Instruction	Unchanged
227210	Certification Data Call	Instruction	Modified
227209	Recoupment and Cap on Annual Liability	Instruction	Modified
227208	Recoupment Provisions	Instruction	Modified
227207	Litigation Management - Information Collection Regarding Proposed Settlements	Form and Instruction	Unchanged

ICR Details

OMB Control No: 1505-0200	ICR Reference No: 202009-1505-001
Status: Active	Previous ICR Reference No: 201706-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Terrorism Risk Insurance Program (TRIP)
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: 11/18/2020
	Date Received in OIRA: 09/21/2020
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2023	36 Months From Approved	11/30/2020
Responses	42,931	0	42,921
Time Burden (Hours)	223,877	0	223,577
Cost Burden (Dollars)	1,000,000	0	17,310,000

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Abstract: This information collection is made necessary by the provisions of the Terrorism Risk Insurance Act of 2002 (the Act), the Terrorism Risk Insurance Extension Act of 2005 (the Extension Act), the Terrorism Risk Insurance Program Reauthorization Act of 2007 (the 2007 Reauthorization Act), the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the 2015 Reauthorization Act), and the Department of Treasury regulations (31 CFR Part 50) (the Program Rules) for their implementation. On November 26, 2002, the President signed into law the Terrorism Risk Insurance Act of 2002 (Pub. L. 107-297, 116 Stat. 2322) (TRIA or the Act). The Act’s purposes are to address market disruptions, ensure the continued widespread availability and affordability of commercial property and casualty insurance for terrorism risk, and allow for a transition period for the private markets to stabilize and build capacity while preserving state insurance regulation and consumer protections. TRIA has been reauthorized three times, most recently with the Terrorism Risk Insurance Program Reauthorization Act of 2015 (Pub. L. 114-1, 129 Stat. 3) (2015 Reauthorization Act), which extended the Program through December 31, 2020. Title I of the Act establishes a temporary federal program of shared public and private compensation for insured commercial property and casualty losses resulting from an act of terrorism. Section 103 of the Act authorizes the Secretary of the Treasury to administer and implement the Program, including the issuance of regulations and procedures. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Insurance Office assists the Secretary in administering the Program.

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Authorizing Statute(s): PL: Pub.L. 116 - 94 133 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2019
   PL: Pub.L. 107 - 297 116 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 41673	07/10/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 59373	09/21/2020
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 11

table that charts list of burden

IC Title	Form No.	Form Name
Litigation Management - Information Collection Regarding Proposed Settlements	TRIP 03	Notice of Proposed Settlement of 3rd Party Claim Request for Approval
Recoupment Provisions	TRIP 04A, TRIP 04B	Direct Written Premium and Monthly Surcharge Calculation ,   Direct Written Premium and End of Year Calcuation
Monthly Claims Report	TRIP 07	Monthly Claims Report
Commutations Under Final Netting Rule
Systems Changes to Collect Policyholder Surcharges (First Year Only)
Recoupment and Cap on Annual Liability	TRIP 05	Data Call
Recordkeeping Requirements for Insurers Compensated under Terrorism Risk Insurance Program
Commercial Property and Casualty Insurers Submission for Federal Share of Compensation	TRIP 02, TRIP 01, TRIP 02A, TRIP 02B, TRIP 02C	Notice of Deductible Erosion ,   Certification of Loss ,   Schedule A ,   Schedule B ,   Schedule C Bordereau
Certification Data Call	TRIP 06	Certification Data Call
Surcharge Records Maintenance
Rebuttal of Controlling Influence Submissions

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ICR Summary of Burden

table that charts list 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	42,931	42,921	0	10	0	0
Annual Time Burden (Hours)	223,877	223,577	0	400	-100	0
Annual Cost Burden (Dollars)	1,000,000	17,310,000	0	0	-16,310,000	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The changes to the collection since the previous OMB approval are merging the Rebuttal of Controlling Influence Submission (1505-0190) requirements into 1505-0200. This merger will increase the burden hours by 400 hours to account for the addition of the burden for 1505-0190. Additionally, ROCIS shows a reduction in the burden hours for the Certification Data Call. This is due to correcting time per response, which was entered as 20 hours instead of 15 hours. There is a change to the annual burden cost to remove the annualized respondent costs from the calculations and only include the potential start-up costs for initial submissions. The annualized respondent costs are included in question 12 of the supporting statement. There are no substantive changes to the other information collections included in this OMB submission.

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Annual Cost to Federal Government: $0

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? No

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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: 09/21/2020

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