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 Actâs 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