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.
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
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.
$0
No
No
No
No
No
No
No
Richard Ifft 202
622-2922
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.
Form TRIP 01 Commercial Property and Casualty Insurers Submission for Federal Share of Compensation
1505-0200_Consolidated Supporting Statement for Program Forms_Final.docx
Commercial Property and Casualty Insurers Submission for Federal Share of Compensation