Terrorism Risk Insurance Program; Rebuttal of Controlling Influence Submissions, 38448 [E6-10552]

Agencies

• DEPARTMENT OF THE TREASURY
• Department of Treasury

[Federal Register Volume 71, Number 129 (Thursday, July 6, 2006)]
[Notices]
[Page 38448]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-10552]


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DEPARTMENT OF THE TREASURY


Terrorism Risk Insurance Program; Rebuttal of Controlling 
Influence Submissions

AGENCY: Departmental Offices, Terrorism Risk Insurance Program Office, 
Department of Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the Terrorism Risk Insurance Program Office 
is seeking comments regarding Rebuttal of Controlling Influence 
Submissions.

DATES: Written comments should be received on or before September 5, 
2006 to be assured of consideration.

ADDRESSES: Submit comments by e-mail to triacomments@do.treas.gov or by 
mail (if hard copy, preferably an original and two copies) to: 
Terrorism Risk Insurance Program, Public Comment Record, Suite 2100, 
Department of the Treasury, 1425 New York Ave., NW., Washington, DC 
20220. Because paper mail in the Washington, DC area may be subject to 
delay, it is recommended that comments be submitted electronically. All 
comments should be captioned with ``PRA Comments--Rebuttal of 
Controlling Influence Submissions''. Please include your name, 
affiliation, address, e-mail address and telephone number in your 
comment. Comments may also be submitted through the Federal eRulemaking 
Portal: https://www.regulations.gov. Comments will be available for 
public inspection by appointment only at the Reading Room of the 
Treasury Library. To make appointments, call (202) 622-0990 (not a 
toll-free number).

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to: Terrorism Risk Insurance Program Office at (202) 
622-6770 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 
    Title: Terrorism Risk Insurance Program--Rebuttal of Controlling 
Influence Submissions.
    OMB Number: 1506-0190.
    Abstract: Sections 103(a) and 104 of the Terrorism Risk Insurance 
Act of 2002 (Pub. L. 107-297) (and unchanged by the Terrorism Risk 
Insurance Extension Act of 2005, Public Law 109-144) authorize the 
Department of Treasury to administer and implement the temporary 
Terrorism Risk Insurance Program established by the Act. The definition 
of control in section 102(3) of the Act provides for Treasury to 
determine whether an insurer directly or indirectly exercises a 
controlling influence over the management or policies of another 
insurer. Among other things, if one insurer controls another insurer, 
then the insurers are deemed ``affiliates'' under the Program and their 
direct earned premium must be consolidated for purposes of calculating 
the ``insurer deductible''. The ``insurer deductible, in turn, forms 
the basis for ascertaining federal payments made by Treasury under the 
Act. Treasury promulgated procedures at 31 CFR 50.8 for an insurer to 
follow in seeking to rebut a regulatory presumption of ``controlling 
influence'' over another insurer. These procedures require insurers to 
provide Treasury necessary information to determine whether a 
``controlling influence'' exists, and if it does, whether it has been 
rebutted. No assurance of confidentiality has been provided, although 
applicable exemptions under the Freedom of Information Act could apply, 
e.g., to any confidential business or trade secret material submitted.
    Current Actions: No changes are being made at this time.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit, Federal Government.
    Estimated Number of Respondents: 10.
    Estimated Time per Respondent: 40 hours.
    Estimated Total Annual Burden Hours: 400 hours.
    Request for Comments: An agency may not conduct or sponsor, and a 
person is not required to respond to, a collection of information 
unless the collection of information displays a valid OMB control 
number. Comments submitted in response to this notice will be 
summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance and purchase of services to provide information.

    Dated: June 30, 2006.
Jeffrey S. Bragg,
Director, Terrorism Risk Insurance Program.
[FR Doc. E6-10552 Filed 7-5-06; 8:45 am]
BILLING CODE 4810-25-P