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

Forms and Documents

Document	Type	Status	Availability
1505-0257 TRIP 2024 Renewal to OMB for 2025 Data Call.docx	Supporting Statement A	Uploaded 2025-03-06	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
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: 202502-1505-004
Status: Received in OIRA	Previous ICR Reference No: 202303-1505-001
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: Regular	Date Submitted to OIRA: 03/06/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	03/31/2025
Responses	1,015	1,000
Time Burden (Hours)	51,070	51,800
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. 114 - 1 129 Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2015
   PL: Pub.L. 107 - 297 1161 Name of Law: Terrorism Risk Insurance Act of 2002
   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:
	89 FR 93405	11/26/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 11355	03/05/2025
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
Captive Insurers Reinsurance (Nationwide)	TBD	Terrorism Risk Insurance Program: Captive Insurers
Insurer (Non-Small) Groups or Companies	TBD	Terrorism Risk Insurance Program: Insurer (Non-Small) Groups or Companies
Small Insurers Insurer Group Affliations	TBD	Terrorism Risk Insurance Program: Small Insurers

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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	1,015	1,000	0	0	15	0
Annual Time Burden (Hours)	51,070	51,800	0	-1,630	900	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: Yes

Burden Reduction Due to: Changing Forms

Short Statement: The current figures provided by Treasury incorporate burden estimates changes based upon the number of responding companies (based upon the most recent information from the data calls) and changes in the data collection requirements. Treasury will continue to collect information concerning the burden associated with the data production, and will use such information in evaluating future collection requirements. There is a reduction of 1,630 hours in burden due to agency discretion, resulting from the elimination of the Geographic Exposures Worksheet. This reduction is partially offset by an estimated change in the number of insurers who will be reporting. While there is an estimated decrease in the number of large and small insurers, there is an increase in the number of estimated captive insurers, leading to an overall increase of 15 responses and 900 hours due to updated estimates. Accordingly, the total change in burden for 2025 survey is a decrease of 730 hours. 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: $473,000

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: 03/06/2025

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