Terrorism Risk Insurance Program; Recordkeeping Requirements for Insurers Compensated Under the Program, 11086-11087 [E7-4358]

Agencies

• DEPARTMENT OF THE TREASURY
• Department of Treasury

[Federal Register Volume 72, Number 47 (Monday, March 12, 2007)]
[Notices]
[Pages 11086-11087]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-4358]


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DEPARTMENT OF THE TREASURY


Terrorism Risk Insurance Program; Recordkeeping Requirements for 
Insurers Compensated Under the Program

AGENCY: Departmental Offices, Terrorism Risk Insurance Program Office, 
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 Recordkeeping Requirements for Insurers 
Compensated Under the Program.

DATES: Written comments should be received on or before May 11, 2007 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--Recordkeeping 
Requirements for Insurers Compensated Under the Program''. Please 
include your name, affiliation, address, e-mail address and telephone 
number in your comment. 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:
    OMB Number: 1506-0197.
    Title: Terrorism Risk Insurance Program--Recordkeeping Requirements 
for Insurers Compensated Under the Program.
    Abstract: Sections 103(a) and 104 of the Terrorism Risk Insurance 
Act of 2002 (Pub. L. 107-297) (as extended by the Terrorism Risk 
Insurance Extension Act of 2005, Pub. L. 109-144) authorize the 
Department of the Treasury to administer and implement the Terrorism 
Risk Insurance Program established by the Act. In 31 CFR part 50, 
subpart F (Sec. 50.50-50.55) Treasury established requirements and 
procedures for insurers that file claims for payment of the Federal 
share of compensation for insured losses resulting from a certified act 
of terrorism under the Act. Section 50.60 allows Treasury access to 
records of an insurer pertinent to amounts paid as the Federal share of 
compensation for insured losses in order to conduct investigations, 
confirmations and audits. Section 50.61 requires insurers to retain all 
records as are necessary to fully disclose all

[[Page 11087]]

material matters pertaining to insured losses. The collection of 
information addressed in this notice is the recordkeeping requirement 
in Sec.  50.61.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit, Federal Government.
    Estimated Number of Respondents: 100.
    Estimated Time per Respondent: 8.3 hours.
    Estimated Total Annual Burden Hours: 833 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: March 6, 2007.
Jeffrey S. Bragg,
Director, Terrorism Risk Insurance Program.
 [FR Doc. E7-4358 Filed 3-9-07; 8:45 am]
BILLING CODE 4811-42-P