Study and Report to Congress on Natural Catastrophes and Insurance, 24310-24311 [2013-09670]
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24310
Federal Register / Vol. 78, No. 79 / Wednesday, April 24, 2013 / Notices
denying the Motion to Dismiss in its
subsequent decision on the merits.
Replies to the Petition for Exemption.
Given the significant interest in public
participation in this proceeding, the
period for replies to the Petition will be
extended to May 8, 2013, to permit
sufficient time for interested persons to
prepare and file responses. The Board
will determine whether the exemption
criteria under 49 U.S.C. 10502(a) are
satisfied after reviewing the public
comments.
This action will not significantly
affect either the quality of the human
environment or the conservation of
energy resources.
It is ordered:
1. The Authority’s Motion to Dismiss
is denied.
2. Replies to the Petition are due by
May 8, 2013.
3. This decision will be published in
the Federal Register.
4. This decision is effective on its
service date.
By the Board, Chairman Elliott, Vice
Chairman Begeman, and Commissioner
Mulvey. Vice Chairman Begeman
concurred in part and dissented in part.
Vice Chairman Begeman, concurring
in part and dissenting in part:
I agree that sufficient information
exists about the proposed California
High-Speed Train System (HST) to
conclude that the Board has jurisdiction
over it, based largely on the publicly
available information that I have been
reviewing since the Petition and Motion
to Dismiss were filed last month. But
that is where my agreement with this
decision ends.
The Board’s finding of jurisdiction
should be accompanied by a rationale to
support that finding, instead of waiting
to disclose it in a subsequent decision,
which could be weeks, if not months,
from today. Such an approach is rare by
this agency and is one that I cannot
support here, not only because it is
important for the California High-Speed
Rail Authority to know the reasons we
reached this finding, but also to inform
other States that are planning highspeed rail projects so they can ensure
full compliance with our regulations, as
appropriate.
Further, I believe that if we have
enough information to conclude that we
have jurisdiction over this matter, we
also have enough information to
determine whether it falls within the
statutory exemption criteria under 49
U.S.C. 10502. In my view, continued
regulation by the Board is necessary
here to carry out the rail transportation
policy of 49 U.S.C. 10101, and a project
of this size and magnitude in terms of
cost and miles—estimated at over $68
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18:05 Apr 23, 2013
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billion and 800 miles of rail line—is not
one of ‘‘limited scope.’’ We should
direct the Authority to file an
application so that the Board can fully
review and analyze the proposal. The
scope of the project and significant
interest in public participation, which
this decision itself recognizes, mandates
it.
I can appreciate the Board’s desire to
meet the Authority’s request for
expedited consideration, and it is
unfortunate that the Authority didn’t
come to the Board in a more timely
manner than it did. But the Authority’s
own deadline should not come at the
expense of a full and thorough review
by the Board.
Derrick A. Gardner,
Clearance Clerk.
[FR Doc. 2013–09682 Filed 4–23–13; 8:45 am]
BILLING CODE 4915–01–P
DEPARTMENT OF THE TREASURY
Study and Report to Congress on
Natural Catastrophes and Insurance
Federal Insurance Office,
Department of the Treasury.
ACTION: Notice; request for comment;
call for papers.
AGENCY:
Section 100247 of the BiggertWaters Flood Insurance Reform Act of
2012 (the ‘‘Biggert-Waters Act’’ or
‘‘Act’’) requires the Director of the
Federal Insurance Office (‘‘FIO’’), an
office within the Department of the
Treasury (‘‘Treasury’’), to conduct a
study and submit a report to Congress
on the current state of the market for
natural catastrophe insurance in the
United States.1
In conducting the study and issuing
the report, the Director shall consult
with the National Academy of Sciences,
State insurance regulators, consumer
organizations, representatives of the
insurance and reinsurance industry,
policyholders, and other organizations
and experts, as appropriate. Treasury
issues this notice to elicit comment from
these persons, groups, and the public, to
assist FIO with the study and the report.
DATES: Comments must be received on
or before June 24, 2013.
Papers submitted for consideration in
the study must be received by June 24,
2013.
ADDRESSES: Please submit comments
and papers electronically through the
Federal eRulemaking Portal: https://
www.regulations.gov, or by mail (if hard
SUMMARY:
copy, preferably an original and two
copies) to the Federal Insurance Office,
Attention: Study on Natural
Catastrophes and Insurance, Room 1319
MT, Department of the Treasury, 1500
Pennsylvania Avenue NW., Washington,
DC 20220. As postal mail may be subject
to processing delay, it is recommended
that comments and papers be submitted
electronically. All comments should be
captioned with ‘‘Study on Natural
Catastrophes and Insurance.’’ Please
include your name, group affiliation, if
any, address, email address, and
telephone number(s) in your comment.
In general, comments received will be
posted on https://www.regulations.gov
without change, including any business
or personal information provided.
Comments received, including
attachments and other supporting
materials, will be part of the public
record and subject to public disclosure.
Do not enclose any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
All comments and papers received
will be available for public inspection
by appointment only at the Reading
Room of the Treasury Library. To make
an appointment, please call the
Treasury Library at 202–622–0990.
FOR FURTHER INFORMATION CONTACT:
Matthew A. McKenney, Federal
Insurance Office, 202–622–5330 (not a
toll free number).
SUPPLEMENTARY INFORMATION:
I. Background
The National Flood Insurance
Program (NFIP) was created in 1968. On
July 6, 2012, President Obama signed
into law the Biggert-Waters Act, which
modified certain aspects of the NFIP
and extended that program through
September 30, 2017.2 The Act requires
the Director of the FIO to conduct a
study and submit to the Committee on
Banking, Housing, and Urban Affairs of
the Senate and the Committee on
Financial Services of the House of
Representatives a report (the Report)
‘‘providing an assessment of the current
state of the market for natural
catastrophe insurance in the United
States.’’ 3
In addition, the FIO Director must
consult with the National Academy of
Sciences, State insurance regulators,
consumer organizations, representatives
of the insurance and reinsurance
industry, policyholders, and other
organizations and experts, as
appropriate.4 This Notice seeks
2 42
1 Public
Law 112–141, § 100247, 126 Stat. 916,
967–68 (2012).
PO 00000
Frm 00161
Fmt 4703
Sfmt 4703
U.S.C. 4026.
Stat. 916, 967 (2012).
4 126 Stat. 916, 968 (2012).
3 126
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Federal Register / Vol. 78, No. 79 / Wednesday, April 24, 2013 / Notices
comments from these and other
interested parties and the public in
support of the Report.
tkelley on DSK3SPTVN1PROD with NOTICES
II. General Solicitation for Comments
The FIO hereby solicits comments,
including supporting and illustrative
information in support of such
comments where appropriate and
available, regarding natural catastrophes
and the current state of the market for
insurance for natural catastrophe perils
in the United States.
III. Solicitation for Specific Comments
Please comment on the following
considerations: 5
1. The current condition of, as well as
the outlook for, the availability and
affordability of insurance for natural
catastrophe perils in all regions of the
United States, including whether a
consensus definition of a ‘‘natural
catastrophe’’ should be established and,
if so, the terms of that definition;
2. The current ability of States,
communities, and individuals to
mitigate their natural catastrophe risks,
including the affordability and
feasibility of such mitigation activities;
a. The current and potential future
effects of land use policies and building
codes on the costs of natural
catastrophes in the United States;
b. The percentage of residential
properties that are insured for
earthquake or flood damage in high-risk
geographic areas of the United States,
and the reasons why many such
properties lack insurance coverage;
c. The role of insurers in providing
incentives for risk mitigation efforts;
3. The current state of catastrophic
insurance and reinsurance markets and
the current approaches in providing
insurance protection to different sectors
of the population of the United States;
4. The current financial condition of
State residual markets and catastrophe
funds in high-risk regions, including the
likelihood of insolvency following a
natural catastrophe, the concentration of
risks within such funds, the reliance on
postevent assessments and State
funding, and the adequacy of rates;
5. The current role of the Federal
Government and State and local
governments in providing incentives for
feasible risk mitigation efforts and the
cost of providing post-natural
catastrophe aid in the absence of
insurance;
6. Current approaches to insuring
natural catastrophe risks in the United
States;
a. Current and potential future
Federal, State, and regional partnerships
5 126
Stat. 916, 967 (2012).
VerDate Mar<15>2010
18:05 Apr 23, 2013
Jkt 229001
24311
that support private, direct insurance
coverage;
b. The potential privatization of flood
insurance in the United States; and,
7. Such other information that may be
necessary or appropriate for the Report.
directed to Martha R. Brinson at Internal
Revenue Service, Room 6129, 1111
Constitution Avenue NW., Washington,
DC 20224, or at (202)622–3869, or
through the Internet at
Martha.R.Brinson@irs.gov.
IV. Call for Papers
SUPPLEMENTARY INFORMATION:
The FIO also calls for the submission
of papers containing empirical or nonempirical analyses or evaluations of
natural catastrophes and the current
state of the market for insurance for
natural catastrophe perils in the United
States. The FIO seeks papers either
recently completed or those that will be
completed prior to close of the Report.
We encourage contributions by
researchers from academia, States and
State agencies, business organizations,
insurance trade and professional
associations, research consulting firms,
and other organizations and experts.
Possible topics may include but are not
limited to topics that may be addressed
in the Report.
Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2013–09670 Filed 4–23–13; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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 IRS is
soliciting comments concerning,
Election Out of Subchapter K for
Producers of Natural Gas.
DATES: Written comments should be
received on or before June 24, 2013 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Yvette Lawrence, Internal Revenue
Service, Room 6129, 1111 Constitution
Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulations should be
SUMMARY:
PO 00000
Frm 00162
Fmt 4703
Sfmt 4703
Title: Election Out of Subchapter K for
Producers of Natural Gas.
OMB Number: 1545–1338.
Regulation Project Number: T.D. 8578
Abstract: This regulation contains
certain requirements that must be met
by co-producers of natural gas subject to
a joint operating agreement in order to
elect out of subchapter K of chapter 1
of the Internal Revenue Code. Under
regulation section 1.761–2(d)(5)(i), gas
producers subject to gas balancing
agreements must file Form 3115 and
certain additional information to obtain
the Commissioner’s consent to a change
in method of accounting to either of the
two permissible accounting methods
described in the regulations.
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households, and business or other forprofit organizations.
Estimated Number of Respondents:
10.
Estimated Time per Respondent: 30
minutes.
Estimated Total Annual Burden
Hours: 5.
The following paragraph applies to all
of the collections of information covered
by this notice:
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.
Books or records relating to a
collection of information must be
retained as long as their contents may
become material in the administration
of any internal revenue law. Generally,
tax returns and tax return information
are confidential, as required by 26
U.S.C. 6103.
Request for Comments: 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
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Agencies
[Federal Register Volume 78, Number 79 (Wednesday, April 24, 2013)]
[Notices]
[Pages 24310-24311]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-09670]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Study and Report to Congress on Natural Catastrophes and
Insurance
AGENCY: Federal Insurance Office, Department of the Treasury.
ACTION: Notice; request for comment; call for papers.
-----------------------------------------------------------------------
SUMMARY: Section 100247 of the Biggert-Waters Flood Insurance Reform
Act of 2012 (the ``Biggert-Waters Act'' or ``Act'') requires the
Director of the Federal Insurance Office (``FIO''), an office within
the Department of the Treasury (``Treasury''), to conduct a study and
submit a report to Congress on the current state of the market for
natural catastrophe insurance in the United States.\1\
---------------------------------------------------------------------------
\1\ Public Law 112-141, Sec. 100247, 126 Stat. 916, 967-68
(2012).
---------------------------------------------------------------------------
In conducting the study and issuing the report, the Director shall
consult with the National Academy of Sciences, State insurance
regulators, consumer organizations, representatives of the insurance
and reinsurance industry, policyholders, and other organizations and
experts, as appropriate. Treasury issues this notice to elicit comment
from these persons, groups, and the public, to assist FIO with the
study and the report.
DATES: Comments must be received on or before June 24, 2013.
Papers submitted for consideration in the study must be received by
June 24, 2013.
ADDRESSES: Please submit comments and papers electronically through the
Federal eRulemaking Portal: https://www.regulations.gov, or by mail (if
hard copy, preferably an original and two copies) to the Federal
Insurance Office, Attention: Study on Natural Catastrophes and
Insurance, Room 1319 MT, Department of the Treasury, 1500 Pennsylvania
Avenue NW., Washington, DC 20220. As postal mail may be subject to
processing delay, it is recommended that comments and papers be
submitted electronically. All comments should be captioned with ``Study
on Natural Catastrophes and Insurance.'' Please include your name,
group affiliation, if any, address, email address, and telephone
number(s) in your comment.
In general, comments received will be posted on https://www.regulations.gov without change, including any business or personal
information provided. Comments received, including attachments and
other supporting materials, will be part of the public record and
subject to public disclosure. Do not enclose any information in your
comment or supporting materials that you consider confidential or
inappropriate for public disclosure.
All comments and papers received will be available for public
inspection by appointment only at the Reading Room of the Treasury
Library. To make an appointment, please call the Treasury Library at
202-622-0990.
FOR FURTHER INFORMATION CONTACT: Matthew A. McKenney, Federal Insurance
Office, 202-622-5330 (not a toll free number).
SUPPLEMENTARY INFORMATION:
I. Background
The National Flood Insurance Program (NFIP) was created in 1968. On
July 6, 2012, President Obama signed into law the Biggert-Waters Act,
which modified certain aspects of the NFIP and extended that program
through September 30, 2017.\2\ The Act requires the Director of the FIO
to conduct a study and submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial Services of
the House of Representatives a report (the Report) ``providing an
assessment of the current state of the market for natural catastrophe
insurance in the United States.'' \3\
---------------------------------------------------------------------------
\2\ 42 U.S.C. 4026.
\3\ 126 Stat. 916, 967 (2012).
---------------------------------------------------------------------------
In addition, the FIO Director must consult with the National
Academy of Sciences, State insurance regulators, consumer
organizations, representatives of the insurance and reinsurance
industry, policyholders, and other organizations and experts, as
appropriate.\4\ This Notice seeks
[[Page 24311]]
comments from these and other interested parties and the public in
support of the Report.
---------------------------------------------------------------------------
\4\ 126 Stat. 916, 968 (2012).
---------------------------------------------------------------------------
II. General Solicitation for Comments
The FIO hereby solicits comments, including supporting and
illustrative information in support of such comments where appropriate
and available, regarding natural catastrophes and the current state of
the market for insurance for natural catastrophe perils in the United
States.
III. Solicitation for Specific Comments
Please comment on the following considerations: \5\
---------------------------------------------------------------------------
\5\ 126 Stat. 916, 967 (2012).
---------------------------------------------------------------------------
1. The current condition of, as well as the outlook for, the
availability and affordability of insurance for natural catastrophe
perils in all regions of the United States, including whether a
consensus definition of a ``natural catastrophe'' should be established
and, if so, the terms of that definition;
2. The current ability of States, communities, and individuals to
mitigate their natural catastrophe risks, including the affordability
and feasibility of such mitigation activities;
a. The current and potential future effects of land use policies
and building codes on the costs of natural catastrophes in the United
States;
b. The percentage of residential properties that are insured for
earthquake or flood damage in high-risk geographic areas of the United
States, and the reasons why many such properties lack insurance
coverage;
c. The role of insurers in providing incentives for risk mitigation
efforts;
3. The current state of catastrophic insurance and reinsurance
markets and the current approaches in providing insurance protection to
different sectors of the population of the United States;
4. The current financial condition of State residual markets and
catastrophe funds in high-risk regions, including the likelihood of
insolvency following a natural catastrophe, the concentration of risks
within such funds, the reliance on postevent assessments and State
funding, and the adequacy of rates;
5. The current role of the Federal Government and State and local
governments in providing incentives for feasible risk mitigation
efforts and the cost of providing post-natural catastrophe aid in the
absence of insurance;
6. Current approaches to insuring natural catastrophe risks in the
United States;
a. Current and potential future Federal, State, and regional
partnerships that support private, direct insurance coverage;
b. The potential privatization of flood insurance in the United
States; and,
7. Such other information that may be necessary or appropriate for
the Report.
IV. Call for Papers
The FIO also calls for the submission of papers containing
empirical or non-empirical analyses or evaluations of natural
catastrophes and the current state of the market for insurance for
natural catastrophe perils in the United States. The FIO seeks papers
either recently completed or those that will be completed prior to
close of the Report. We encourage contributions by researchers from
academia, States and State agencies, business organizations, insurance
trade and professional associations, research consulting firms, and
other organizations and experts. Possible topics may include but are
not limited to topics that may be addressed in the Report.
Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2013-09670 Filed 4-23-13; 8:45 am]
BILLING CODE 4810-25-P