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

Forms and Documents

Document Name	Status
1505-0257 TRIP 2022 Data Call Revisions Supporting Statement to OMB.docx Supporting Statement A	2022-02-15

IC Document Collections

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

ICR Details

OMB Control No: 1505-0257	ICR Reference No: 202202-1505-002
Status: Received in OIRA	Previous ICR Reference No: 202009-1505-002
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: Regular	Date Submitted to OIRA: 02/23/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2023
Responses	1,000	900
Time Burden (Hours)	51,800	44,400
Cost Burden (Dollars)	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 2019. 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.

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Authorizing Statute(s): PL: Pub.L. 107 - 297 1161 Name of Law: Terrorism Risk Insurance Act of 2002
   PL: Pub.L. 114 - 1 129 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2015
   PL: Pub.L. 116 - 94 133 Name of Law: Terrorism Risk Insurance Reauthorization Act of 2019
  

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:
	86 FR 64600	11/18/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 8941	02/16/2022
Did the Agency receive public comments on this ICR? Yes

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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
Captive Insurers Reinsurance (Nationwide)	TBD, TBD	Terrorism Risk Insurance Program: Captive Insurers ,   Terorism Risk Insurance Program: Places of Worship
Insurer (Non-Small) Groups or Companies	TBD, TBD	Terrorism Risk Insurance Program: Insurer (Non-Small) Groups or Companies ,   Places of Worship
Small Insurers Insurer Group Affliations	TBD, TBD	Terrorism Risk Insurance Program: Small Insurers ,   Terrorism Risk Insurance Program: Places of Worship

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ICR Summary of Burden

	Total Request	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	1,000	900	0	0	100	0
Annual Time Burden (Hours)	51,800	44,400	0	0	7,400	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 has been an upward adjustment to the per response burden estimates as provided in connection with the CY 2021 data collection to account for the incremental additional cost associated with the new proposed requirements for captive insurers and for insurers writing cyber insurance. The number of anticipated responding insurers has also been modified upward based upon the experience in the CY 2021 data collection in terms of the number of insurers actually required to respond. Treasury will continue to collect information concerning the burden associated with the data production and will use such information in evaluating future collection requirements. In addition, the utilization of a consolidated data collection approach with state insurance regulators reduces total burdens upon insurers required to report terrorism risk insurance data.

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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? 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: 02/23/2022

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