Information Collections for Claims Processing and Other Purposes Under the Terrorism Risk Insurance Program, 13543-13547 [2017-04819]

Download as PDF Federal Register / Vol. 82, No. 47 / Monday, March 13, 2017 / Notices mstockstill on DSK3G9T082PROD with NOTICES Carl J. Kern, Jr. (PA) Monte J. Lakosky (MI) Aaron J. Larson (WI) Jeffrey G. Lawrence (AR) Leo D. Maggioli (MA) Ryan M. McClatchey (TN) Carl A. Mears, Jr. (VT) Robert P. Miller (WI) Nicholas M. Palocy (VT) John D. Patterson (OH) Michael W. Perez (OH) Jerry Platero (NM) Darrell K. Rau (IA) Andrew B. Renninger (PA) Ryan T. Rock (ID) Wilfredo Rodriguez (NY) Mark A. Santana (PA) Donald E. Scovil (NH) David E. Shinen (CA) Patrick A. Shryock (AR) Joshua C. Thompson (AZ) Jeffrey D. Thomson (WI) Marshall L. Wainwright (IL) Glenn P. Whitehouse (PA) Jennifer R. Williams (PA) John E. Yates (IN) Jeffrey S. Zimmer (NH) The drivers were included in Docket No. FMCSA–2014–0311. Their exemptions are effective as of January 31, 2017 and will expire on January 31, 2019. Each of the 130 drivers in the aforementioned groups qualifies for a renewal of the exemption. They have maintained their required medical monitoring and have not exhibited any medical issues that would compromise their ability to safely operate a CMV during the previous 2-year exemption period. These factors provide an adequate basis for predicting each driver’s ability to continue to drive safely in interstate commerce. Therefore, FMCSA concludes that extending the exemption for each of the 130 drivers for a period of two years is likely to achieve a level of safety equal to that existing without the exemption. The drivers were included in docket numbers FMCSA– 2010–0355; FMCSA–2010–0386; FMCSA–2012–0347; FMCSA–2012– 0348; FMCSA–2014–0310; FMCSA– 2014–0311. Request for Comments FMCSA will review comments received at any time concerning a particular driver’s safety record and determine if the continuation of the exemption is consistent with the requirements at 49 U.S.C. 31136(e) and 31315. However, FMCSA requests that interested parties with specific data concerning the safety records of these drivers submit comments by April 12, 2017. FMCSA believes that the requirements for a renewal of an VerDate Sep<11>2014 17:49 Mar 10, 2017 Jkt 241001 exemption under 49 U.S.C. 31136(e) and 31315 can be satisfied by initially granting the renewal and then requesting and evaluating, if needed, subsequent comments submitted by interested parties. As indicated above, the Agency previously published notices of final disposition announcing its decision to exempt these 130 individuals from rule prohibiting persons with ITDM from operating CMVs in interstate commerce in 49 CFR 391.41(b)(3). The final decision to grant an exemption to each of these individuals was made on the merits of each case and made only after careful consideration of the comments received to its notices of applications. The notices of applications stated in detail the medical condition of each applicant for an exemption from rule prohibiting persons with ITDM from operating CMVs in interstate commerce. That information is available by consulting the above cited Federal Register publications. Interested parties or organizations possessing information that would otherwise show that any, or all, of these drivers are not currently achieving the statutory level of safety should immediately notify FMCSA. The Agency will evaluate any adverse evidence submitted and, if safety is being compromised or if continuation of the exemption would not be consistent with the goals and objectives of 49 U.S.C. 31136(e) and 31315, FMCSA will take immediate steps to revoke the exemption of a driver. Submitting Comments You may submit your comments and material online or by fax, mail, or hand delivery, but please use only one of these means. FMCSA recommends that you include your name and a mailing address, an email address, or a phone number in the body of your document so that FMCSA can contact you if there are questions regarding your submission. To submit your comment online, go to https://www.regulations.gov and in the search box insert the docket numbers FMCSA–2010–0355; FMCSA–2010– 0386; FMCSA–2012–0347; FMCSA– 2012–0348; FMCSA–2014–0310; FMCSA–2014–0311 and click the search button. When the new screen appears, click on the blue ‘‘Comment Now!’’ button on the right hand side of the page. On the new page, enter information required including the specific section of this document to which each comment applies, and provide a reason for each suggestion or recommendation. If you submit your comments by mail or hand delivery, PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 13543 submit them in an unbound format, no larger than 81⁄2 by 11 inches, suitable for copying and electronic filing. If you submit comments by mail and would like to know that they reached the facility, please enclose a stamped, selfaddressed postcard or envelope. We will consider all comments and material received during the comment period. FMCSA may issue a final determination at any time after the close of the comment period. Viewing Comments and Documents To view comments, as well as any documents mentioned in this preamble, go to https://www.regulations.gov and in the search box insert the docket number FMCSA–2010–0355; FMCSA–2010– 0386; FMCSA–2012–0347; FMCSA– 2012–0348; FMCSA–2014–0310; FMCSA–2014–0311 and click ‘‘Search.’’ Next, click ‘‘Open Docket Folder’’ and you will find all documents and comments related to this notice. Issued on: March 3, 2017. Larry W. Minor, Associate Administrator for Policy. [FR Doc. 2017–04863 Filed 3–10–17; 8:45 am] BILLING CODE 4910–EX–P DEPARTMENT OF THE TREASURY Information Collections for Claims Processing and Other Purposes Under the Terrorism Risk Insurance Program Departmental Offices, Department of the Treasury. ACTION: Request for comments. AGENCY: The Secretary of the Treasury (Secretary) administers the Terrorism Risk Insurance Program (TRIP or Program), including the issuance of regulations and procedures regarding the Program. The Federal Insurance Office assists the Secretary in the administration of the Program. The Department of the Treasury (Treasury), as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on: Approved information collections that are due for extension by the Office of Management and Budget (OMB) (under OMB 1505–0200); the extension of certain additional information collections previously approved by OMB that lapsed pending recent revisions to the Program Rules; and the approval of three new information collections that are authorized under recent revisions to the Program Rules. DATES: Written comments must be received not later than May 12, 2017. SUMMARY: E:\FR\FM\13MRN1.SGM 13MRN1 13544 Federal Register / Vol. 82, No. 47 / Monday, March 13, 2017 / Notices Interested persons may submit comments electronically through the Federal eRulemaking Portal at https://www.regulations.gov, in accordance with the instructions on that site. Electronic submissions are encouraged; however, comments may also be mailed to the Terrorism Risk Insurance Program, Room 1410, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220. All comments, including attachments and other supporting materials, are part of the public record and subject to public disclosure. You should submit only information that you wish to make available publicly. In general, the Department will post all comments to www.regulations.gov without change, including any business or personal information provided such as names, addresses, email addresses, or telephone numbers. The Department will also make such comments available for public inspection and copying in the Department of the Treasury’s Library, Freedman’s Bank Building, 720 Madison Place NW., Room 1020, Washington, DC 20220, on official business days between the hours of 10:00 a.m. and 5:00 p.m. Eastern Time. You can make an appointment to inspect comments by telephoning (202) 622–0990. All visitors to the Treasury must be cleared by the Secret Service. This process requires that requests for appointments must be made a minimum of one business day before a visit. ADDRESSES: mstockstill on DSK3G9T082PROD with NOTICES FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance Regulatory Policy Analyst, Federal Insurance Office, Room 1410, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622–2922 (this is not a toll-free number), Kevin Meehan, Senior Insurance Regulatory Policy Analyst, Federal Insurance Office, Room 1410, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622– 7009 (this is not a toll-free number), or Lindsey Baldwin, Senior Policy Analyst, Federal Insurance Office, Room 1410, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622–3220 (this is not a toll-free number). Persons who have difficulty hearing or speaking may access this number via TTY by calling the toll-free Federal Relay Service at (800) 877–8339. SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 17:49 Mar 10, 2017 Jkt 241001 I. Background The Terrorism Risk Insurance Act of 2002, as amended (TRIA),1 established the Terrorism Risk Insurance Program (TRIP or Program).2 The Act establishes a temporary federal program of shared public and private compensation for insured commercial property and casualty losses resulting from an ‘‘act of terrorism,’’ as defined by TRIA. In order for the Program to make payments, the losses from an event must exceed certain thresholds and be in excess of participating insurer deductibles. Only ‘‘acts of terrorism’’ that have been certified as such by the Secretary (in consultation with the Attorney General and the Secretary of Homeland Security) are subject to the compensation provisions of the Program. In the event Treasury does make payments under the Program, it may be required to recoup some or all of the Federal share of payments through surcharges imposed upon all commercial policyholders. Beginning after the inception of the Program in 2002, Treasury has previously sought and obtained from the Office of Management and Budget (OMB) approvals for certain information collections that will be necessary if Treasury is to process claims from participating insurers for the Federal share of compensation, and potentially to recoup amounts expended as authorized under TRIA. Most of these information collections are managed through forms that have been developed by Treasury to permit participating insurers to demonstrate that they are entitled to payment of the Federal share of compensation. In January 2015, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (2015 Reauthorization Act) 3 extended the Program until December 31, 2020. The 2015 Reauthorization Act reformed various operational matters respecting the Program. Among other changes, the 2015 Reauthorization Act mandated that Treasury issue final rules governing the certification process, and that Treasury collect from participating insurers such information and data as considered by the Secretary to be appropriate to analyze the effectiveness of the Program.4 In December 2016, 1 15 U.S.C. 6701 note. Because the provisions of TRIA (as amended) appear in a note, instead of particular sections, of the United States Code, the provisions of TRIA are identified by the sections of the law. 2 See 31 CFR part 50. 3 Public Law 114–1, 129 Stat 3. 4 Annual collections of information and data required by the 2015 Reauthorization Act for analyses of the effectiveness of the Program are being addressed in a separate notice and comment process. See 81 FR 95310 (Dec. 27, 2016). PO 00000 Frm 00117 Fmt 4703 Sfmt 4703 Treasury issued revised Program rules incorporating the new financial and operational provisions mandated by the 2015 Reauthorization Act.5 The changes to the Program rules require revisions to currently effective Program forms to incorporate terminology and regulatory reference changes, and Treasury seeks to extend these previously approved collections subject to these minor revisions. No additional burdens are imposed by these changes, either in terms of the estimates of the number of insurers affected or time burdens for compliance.6 None of the identified information will need to be reported unless there is a certified act of terrorism, and the insurer in question is seeking payment of the Federal share of compensation. The forms are designed to identify elements that insurers already regularly collect in their ordinary course of business when handling insurance claims, which will minimize any burden associated with their completion in the event an insurer submits a claim for payment of the Federal share of compensation. In addition, certain other information collections (relating to such Program administrative matters as the approval of certain settlement, and recoupment of the Federal share of compensation) lapsed pending finalization of the revised Program rules. Now that the revised Program rules are effective, Treasury seeks to reinstate these information collections subject to minor revisions. Again, no additional burdens would be imposed by these changes,7 and none of the identified information will need to be reported, if at all, unless there is certification of an act of terrorism. As is the case with the Program claims forms, these forms are designed to identify information that insurers already regularly collect in their ordinary course of business, which will minimize any burden associated with their completion. Finally, Treasury seeks approval for three additional information collections that are authorized and necessary under the revised Program rules. These collections: (1) Will permit (but not require) Treasury to obtain appropriate information directly from participating insurers during a certification process; (2) require claims reporting after certification of an act as an act of 5 See 81 FR 88592 (Dec. 7, 2016) (Certification Process Interim Final Rule); 81 FR 93756 (Dec. 21, 2016) (Final Rules governing balance of Program). 6 The burden estimates set forth below are the same estimates previously used by Treasury when seeking approval of this information collection. 7 The burden estimates set forth below are the same estimates previously used by Treasury when seeking approval of these information collections. E:\FR\FM\13MRN1.SGM 13MRN1 Federal Register / Vol. 82, No. 47 / Monday, March 13, 2017 / Notices terrorism, so that Treasury can determine whether the Program Trigger threshold 8 has been reached and respond promptly to claims for payment of the Federal share of compensation; and (3) provide for the production of information in connection with a commutation payment after the Secretary determines a final netting date when claims relating to any insured loss or act of terrorism shall become final.9 As with the existing Program forms, these forms are designed to identify elements that insurers regularly collect in their ordinary course of business when handling insurance claims, which will minimize any burden associated with their completion. In addition, with respect to the possibility of a certification data call, the Program rules permit Treasury to obtain any necessary data through other means, which may obviate the need for a data call.10 Further information concerning each of these requirements is provided below. II. Information Collections A. Existing Information Collections OMB Number: 1505–0200. Title: Terrorism Risk Insurance Program; Commercial Property and Casualty Insurers Submission for Federal Share of Compensation. Abstract: This information collection addresses information that participating insurers must submit in support of their claims for payment of the Federal share of compensation. The forms identifying the information to be collected are as follows: Treasury Form TRIP 01 (Notice of Deductible Erosion (formerly Initial Notice of Insured Loss)) Treasury Form TRIP 02 (Certification of Loss (Initial and Supplementary)) Treasury Form TRIP 02A Schedule A (Declaration of Direct Earned Premium and Calculation of Insurer Deductible) Treasury Form TRIP 02B Schedule B (Certification of Compliance with Section 103(b) of TRIA) Treasury Form TRIP 02B Schedule C (Bordereau) mstockstill on DSK3G9T082PROD with NOTICES Type of Review: Extension of a currently approved data collection. Current Expiration Date: July 31, 2017. Affected Public: Business/Financial Institutions. 8 See 31 CFR 50.4(v). burden estimates for these collections as set forth below were originally identified by Treasury in its Notice of Proposed Rulemaking leading to the recent revision of the Program Rules. See 81 FR 18950, 18958–59 (Apr. 1, 2016). Treasury did not receive any comments concerning these burden estimate figures. 10 See 31 CFR 50.62(b). 9 The VerDate Sep<11>2014 17:49 Mar 10, 2017 Jkt 241001 Estimated Number of Respondents: 100.11 Estimated Average Time per Respondent: Treasury Form TRIP 01: 1.0 hours × 1 response = 1 hours. Treasury Form TRIP 02 (Initial and Supplementary): 1.5 hours × 6 responses = 9 hours. Treasury Form TRIP 02A Schedule A: 6.5 hours × 1 response = 6.5 hours. Treasury Form TRIP 02B Schedule B: 0.25 hours × 6 responses = 1.5 hours. Treasury Form TRIP 02B Schedule C: 4 hours × 6 responses = 24 hours. Estimated Total Annual Burden Hours: 4,200 hours.12 B. Reinstatements of Previously Approved Information Collections Former OMB Number: 1505–0196. Title: Terrorism Risk Insurance Program; Litigation Management— Information Collection Regarding Proposed Settlements. Abstract: This information collection addresses settlement approval requirements under the Program that were initially adopted by Treasury by regulation 13 and subsequently incorporated by Congress as part of TRIA.14 For third-party claims that are in excess of certain thresholds, Treasury must provide advance approval of the settlement before it is finalized by the participating insurer. The information collection provides Treasury with the necessary information to evaluate claims subject to this advance approval requirement. The form memorializing the collection is Treasury Form TRIP 03 (Notice of Proposed Settlement of Third Party Claim—Request for Approval). Type of Review: Reinstatement of a previously approved information collection. Affected Public: Business/Financial Institutions. Estimated Number of Respondents: 100. Estimated Average Time per Respondent: 4.0 hours (per proposed settlement based upon likely number of settlements triggering requirement). 11 Although the number of insurers required to file claims will depend upon the size and nature of the event in question, Treasury has historically used a best estimate of 100 insurers that will have insured losses as a result of an act of terrorism that could lead to potential claims for payment of the Federal share of compensation under the Program. 12 The burden estimate includes assumptions as to the number of times each form will need to be completed by an insurer making claims for payment of the Federal share of compensation, as identified above (e.g., including an estimate that on average the forms relating to specific claims experience will be submitted six times), resulting in total hours for each of the 100 insurers of 42 hours. 13 Currently codified at 31 CFR 50.102. 14 TRIA § 107(a)(6). PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 13545 Estimated Total Annual Burden Hours: 5,144 hours.15 Former OMB Number: 1505–0197. Title: Recordkeeping Requirements for Insurers Compensated Under Terrorism Risk Insurance Program. Abstract: This requirement is for the maintenance (recordkeeping) of an insurer’s records that are pertinent to claims for reimbursement by participating insurers and amounts paid by Treasury as the Federal share of compensation for insured losses. The recordkeeping is needed for Treasury to conduct investigations, confirmations, and audits, as required. 31 CFR 50.81 requires insurers to retain all records necessary to fully disclose material matters pertaining to insured losses. This record retention requirement is not subject to any common form or generalized reporting. Type of Review: Reinstatement of a previously approved data collection. Affected Public: Business/Financial Institutions. Estimated Number of Respondents: 100. Estimated Average Time per Respondent: 8.33 hours.16 Estimated Total Annual Burden Hours: 833 hours. Former OMB Number: 1505–0207. Title: Recoupment Provisions of the Terrorism Risk Insurance Act (TRIA). Abstract: Section 103(a) of TRIA authorizes Treasury to recoup federal payments made under the Program through policyholder surcharges, as directed in the statute. In order to determine the amount of recoupment necessary, as well as implement any mandatory recoupment process, Treasury may issue a data call for aggregate loss information. If Treasury implements a recoupment process, all insurers subject to TRIA will be required to create and maintain records concerning their direct written premium, surcharges, surcharge amounts collected, and surcharge amounts remitted to Treasury and submit information to Treasury on a 15 These estimates, like the estimates for the Program claim forms, are based upon assumptions as to the number of times the form will need to be completed. Those assumptions are: (1) Each of the 100 insurers will have 100 claims (or 10,000 in total), (2) 1 in 7 claims will involve amounts above the approval threshold (or 1,429 claims), and (3) 90% of those claims will be settled, and thus trigger settlement approval reporting (1,286). That figure, applied against the 4 hours estimated to complete the form, results in the total figure of 5,144 hours. The reporting burden on insurers has not changed, but the numbers have been corrected here due to a previous rounding error. 16 Includes assumptions as to the number of claims that will be received for which some marginal additional costs (estimated to be 5 minutes per claim) will be incurred by the affected insurer. E:\FR\FM\13MRN1.SGM 13MRN1 13546 Federal Register / Vol. 82, No. 47 / Monday, March 13, 2017 / Notices monthly basis. The forms identifying the information to be collected are as follows: Treasury Form TRIP 04A (Direct Written Premium and Monthly Surcharge Calculation) Treasury Form TRIP 04B (Direct Written Premium and End of Year Calculation) Treasury Form TRIP 05 (Data Call) mstockstill on DSK3G9T082PROD with NOTICES Type of Review: Reinstatement of a previously approved data collection. Affected Public: Business/Financial Institutions. Estimated Number of Respondents: 2,000 (TRIP 04A and TRIP 04B recoupment processing) and 200 (TRIP 05 data call). Estimated Average Time per Respondent: Treasury Forms TRIP 04A and TRIP 04B: 5 hours per month (60 hours per year). Treasury Form TRIP 05: 5 hours. Estimated Total Annual Burden Hours: 120,000 hours (TRIP 04A and TRIP 04B), and 1,000 hours (TRIP 05). Former OMB Number: 1505–0208. Title: Terrorism Risk Insurance Program; Cap on Annual Liability. Abstract: The Program is subject to a total annual cap of aggregate industry losses of $100 billion, and Treasury is directed under TRIA to advise Congress within 15 days of an ‘‘act of terrorism’’ whether estimated total losses are expected to exceed the cap. In order to comply with the liability cap provisions of TRIA, Treasury may conduct a data call for insured loss and deductible information to accurately assess aggregate industry losses and determine if the $100 billion cap could be exceeded, as well as to determine and adjust the ‘‘pro rata loss percentage’’ to be applied against claim payments. The form identifying the information to be collected is Treasury Form TRIP 05 (Terrorism Risk Insurance Program; Data Call). Type of Review: Reinstatement of a previously approved data collection. Affected Public: Business/Financial Institutions. Estimated Number of Respondents: 200. Estimated Average Time per Respondent: 5 hours. Estimated Total Annual Burden Hours: 1,000 hours. C. New Information Collections OMB Number: New. Title: Terrorism Risk Insurance Program; Certification Data Call. Abstract: In order for the Secretary to determine whether an event is subject to certification as an ‘‘act of terrorism’’ under TRIA and 31 CFR 50.62, Treasury VerDate Sep<11>2014 17:49 Mar 10, 2017 Jkt 241001 may collect loss data and estimates from affected insurers in order to confirm that losses are above statutory thresholds. The information collection includes both actual loss data, as well as estimates that may be generated in the immediate aftermath of an event which do not constitute loss data but which could nonetheless inform the certification determination. The form identifying the information to be collected is Treasury Form TRIP 06 (Certification Data Call). Type of Review: New data collection. Affected Public: Business/Financial Institutions. Estimated Number of Respondents: 20. Estimated Average Time per Respondent: 15 hours. Estimated Total Annual Burden Hours: 300 hours. OMB Number: New. Title: Terrorism Risk Insurance Program; Monthly Claims Report. Abstract: Payments of the Federal share of compensation require that aggregate industry losses reach a certain threshold, even if the losses of a particular insurer are in excess of its deductible. Pursuant to 31 CFR 50.53, the monthly claims report provides for truncated monthly reporting of losses so that Treasury may evaluate loss experience as it develops, and make timely payments to insurers entitled to the Federal share of compensation. The report will enable payments to smaller insurers that cannot demonstrate, based upon their own losses, that Program Trigger amounts have been reached. The form memorializing the collection is Treasury Form TRIP 07 (Monthly Claims Report). The report has been tailored to seek the minimal amount of information necessary to confirm total industry payment amounts and estimates, and requests far less information than will be necessary for insurers to submit claims for payment of the Federal share of compensation. Type of Review: New data collection. Affected Public: Business/Financial Institutions. Estimated Number of Respondents: 100. Estimated Average Time per Respondent: 2 hours (each month over a 48-month period). Estimated Total Annual Burden Hours: 9,600 hours.17 OMB Number: New. 17 The burden estimate includes the assumption that the monthly report will need to be competed each month over a 48-month period (estimated to be the period over which claims are likely to be reported and resolved), or 96 hours per each insurer and 9,600 hours for all insurers combined. PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 Title: Terrorism Risk Insurance Program; Commutations under Final Netting Rule. Abstract: Under 31 CFR 50.76(d), the Secretary may set a final netting date, at which time all claims relating to an insured loss or act of terrorism become final. As part of a final netting determination, Treasury may require or consider a request for a commutation of an insurer’s future claims for the Federal share of compensation. This process could require the insurer to produce information justifying a final payment estimate, including supporting actuarial factors and methodology. This information collection is not subject to any common form or generalized reporting requirement, as it will necessarily be tailored to the circumstances presented by a particular insurer and insured loss, which will need to be determined at the time any particular commutation process takes place. Type of Review: New data collection. Affected Public: Business/Financial Institutions. Estimated Number of Respondents: 15. Estimated Average Time per Respondent: 40 hours. Estimated Total Annual Burden Hours: 600 hours. All of the forms and associated instructional materials are available for review on Treasury’s Web site at https:// www.treasury.gov/resource-center/finmkts/Pages/program.aspx. 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 collections; (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. E:\FR\FM\13MRN1.SGM 13MRN1 Federal Register / Vol. 82, No. 47 / Monday, March 13, 2017 / Notices Dated: March 7, 2017. Brian J. Peretti, Director, Critical Infrastructure Protection and Compliance Policy. [FR Doc. 2017–04819 Filed 3–10–17; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Collection of Data From Property and Casualty Insurers for Reports Concerning the Terrorism Risk Insurance Program Departmental Offices, U.S. Department of the Treasury. ACTION: Notice. AGENCY: The Department of the Treasury will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on the collection listed below. DATES: Comments should be received on or before April 12, 2017 to be assured of consideration. ADDRESSES: Send comments regarding the burden estimate, or any other aspect of the information collection, including suggestions for reducing the burden, to (1) Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@ OMB.EOP.gov and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8142, Washington, DC 20220, or email at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained by emailing PRA@treasury.gov, calling (202) 622–0489, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: mstockstill on DSK3G9T082PROD with NOTICES SUMMARY: Departmental Offices (DO) Title: Collection of Data from Property and Casualty Insurers for Reports Concerning the Terrorism Risk Insurance Program. OMB Control Number: 1505–XXXX. Type of Review: New Collection Request. 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 VerDate Sep<11>2014 17:49 Mar 10, 2017 Jkt 241001 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 2015. 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. Treasury requests stakeholder feedback on the data collection forms proposed for use in the 2017 data collection process, pursuant to 31 CFR 50.51(c). Copies of these forms and associated explanatory materials are available for electronic review at https:// www.treasury.gov/resource-center/finmkts/Pages/program.aspx. Treasury also seeks comments from interested parties on issues that Treasury will be analyzing in connection with its next report concerning the Program, which will address the participation of small insurers in the Program, including any competitive challenges such insurers face in the terrorism risk insurance marketplace. Form: Insurer (Non-Small) Groups or Companies (Form No. TBD), Small Insurers Insurer Group Affiliations (Form No. TBD), Alien Surplus Lines Exposure Bases by Jurisdiction (Form No. TBD), Captive Insurers Reinsurance (Nationwide) (Form No. TBD). Affected Public: Businesses or other for-profits. Estimated Total Annual Burden Hours: 38,750. Authority: 44 U.S.C. 3501 et seq. Dated: March 7, 2017. Spencer W. Clark, Treasury PRA Clearance Officer. [FR Doc. 2017–04820 Filed 3–10–17; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Proposed Collection; Comment Request; Post-Contract Award Information Departmental Offices, U.S. Department of the Treasury. ACTION: Notice and request for comments. AGENCY: PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 13547 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. The Department of the Treasury, Office of the Procurement Executive, is soliciting comments concerning on OMB Control Number 1505–0080, Post-Contract Award Information. DATES: Written comments must be received on or before May 12, 2017. ADDRESSES: You may submit comments by mail to: Thomas O’Linn, Office of the Procurement Executive, Department of the Treasury, 1500 Pennsylvania Ave. NW., Washington DC 20220. All responses to this notice will be included in the request for OMB’s approval. All comments will also become a matter of public record. FOR FURTHER INFORMATION CONTACT: Requests for additional information or request a copy of the information collection should be directed to Thomas O’Linn at (202) 622–2092. SUPPLEMENTARY INFORMATION: Title: Post-Contract Award Information. OMB Number: 1505–0080. Type of Review: Reinstatement with change of a previously approved collection. Abstract: The information requested is specific to each contract, and is required for Treasury to evaluate properly the progress made and/or management controls used by contractors providing supplies or services to the Government and to determine contractors’ compliance with the contracts, in order to protect the Government’s interest. Affected Public: Private Sector: Businesses or other for-profits. Estimated Number of Respondents: 9,875. Estimated Number of Responses per Respondent: 1. Estimated Hours per Response: 24. Estimated Total Annual Burden Hours: 237,000. 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 has practical utility; (b) the accuracy of the agency’s estimate of the SUMMARY: E:\FR\FM\13MRN1.SGM 13MRN1

Agencies

[Federal Register Volume 82, Number 47 (Monday, March 13, 2017)]
[Notices]
[Pages 13543-13547]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-04819]


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DEPARTMENT OF THE TREASURY


Information Collections for Claims Processing and Other Purposes 
Under the Terrorism Risk Insurance Program

AGENCY: Departmental Offices, Department of the Treasury.

ACTION: Request for comments.

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SUMMARY: The Secretary of the Treasury (Secretary) administers the 
Terrorism Risk Insurance Program (TRIP or Program), including the 
issuance of regulations and procedures regarding the Program. The 
Federal Insurance Office assists the Secretary in the administration of 
the Program. The Department of the Treasury (Treasury), as part of its 
continuing effort to reduce paperwork burdens, invites the general 
public and other Federal agencies to comment on: Approved information 
collections that are due for extension by the Office of Management and 
Budget (OMB) (under OMB 1505-0200); the extension of certain additional 
information collections previously approved by OMB that lapsed pending 
recent revisions to the Program Rules; and the approval of three new 
information collections that are authorized under recent revisions to 
the Program Rules.

DATES: Written comments must be received not later than May 12, 2017.

[[Page 13544]]


ADDRESSES: Interested persons may submit comments electronically 
through the Federal eRulemaking Portal at https://www.regulations.gov, 
in accordance with the instructions on that site. Electronic 
submissions are encouraged; however, comments may also be mailed to the 
Terrorism Risk Insurance Program, Room 1410, U.S. Department of the 
Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220.
    All comments, including attachments and other supporting materials, 
are part of the public record and subject to public disclosure. You 
should submit only information that you wish to make available 
publicly. In general, the Department will post all comments to 
www.regulations.gov without change, including any business or personal 
information provided such as names, addresses, email addresses, or 
telephone numbers. The Department will also make such comments 
available for public inspection and copying in the Department of the 
Treasury's Library, Freedman's Bank Building, 720 Madison Place NW., 
Room 1020, Washington, DC 20220, on official business days between the 
hours of 10:00 a.m. and 5:00 p.m. Eastern Time. You can make an 
appointment to inspect comments by telephoning (202) 622-0990. All 
visitors to the Treasury must be cleared by the Secret Service. This 
process requires that requests for appointments must be made a minimum 
of one business day before a visit.

FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance 
Regulatory Policy Analyst, Federal Insurance Office, Room 1410, U.S. 
Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, 
DC 20220, at (202) 622-2922 (this is not a toll-free number), Kevin 
Meehan, Senior Insurance Regulatory Policy Analyst, Federal Insurance 
Office, Room 1410, U.S. Department of the Treasury, 1500 Pennsylvania 
Avenue NW., Washington, DC 20220, at (202) 622-7009 (this is not a 
toll-free number), or Lindsey Baldwin, Senior Policy Analyst, Federal 
Insurance Office, Room 1410, U.S. Department of the Treasury, 1500 
Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622-3220 (this 
is not a toll-free number). Persons who have difficulty hearing or 
speaking may access this number via TTY by calling the toll-free 
Federal Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION:

I. Background

    The Terrorism Risk Insurance Act of 2002, as amended (TRIA),\1\ 
established the Terrorism Risk Insurance Program (TRIP or Program).\2\ 
The Act establishes a temporary federal program of shared public and 
private compensation for insured commercial property and casualty 
losses resulting from an ``act of terrorism,'' as defined by TRIA. In 
order for the Program to make payments, the losses from an event must 
exceed certain thresholds and be in excess of participating insurer 
deductibles. Only ``acts of terrorism'' that have been certified as 
such by the Secretary (in consultation with the Attorney General and 
the Secretary of Homeland Security) are subject to the compensation 
provisions of the Program. In the event Treasury does make payments 
under the Program, it may be required to recoup some or all of the 
Federal share of payments through surcharges imposed upon all 
commercial policyholders.
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    \1\ 15 U.S.C. 6701 note. Because the provisions of TRIA (as 
amended) appear in a note, instead of particular sections, of the 
United States Code, the provisions of TRIA are identified by the 
sections of the law.
    \2\ See 31 CFR part 50.
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    Beginning after the inception of the Program in 2002, Treasury has 
previously sought and obtained from the Office of Management and Budget 
(OMB) approvals for certain information collections that will be 
necessary if Treasury is to process claims from participating insurers 
for the Federal share of compensation, and potentially to recoup 
amounts expended as authorized under TRIA. Most of these information 
collections are managed through forms that have been developed by 
Treasury to permit participating insurers to demonstrate that they are 
entitled to payment of the Federal share of compensation.
    In January 2015, the Terrorism Risk Insurance Program 
Reauthorization Act of 2015 (2015 Reauthorization Act) \3\ extended the 
Program until December 31, 2020. The 2015 Reauthorization Act reformed 
various operational matters respecting the Program. Among other 
changes, the 2015 Reauthorization Act mandated that Treasury issue 
final rules governing the certification process, and that Treasury 
collect from participating insurers such information and data as 
considered by the Secretary to be appropriate to analyze the 
effectiveness of the Program.\4\ In December 2016, Treasury issued 
revised Program rules incorporating the new financial and operational 
provisions mandated by the 2015 Reauthorization Act.\5\
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    \3\ Public Law 114-1, 129 Stat 3.
    \4\ Annual collections of information and data required by the 
2015 Reauthorization Act for analyses of the effectiveness of the 
Program are being addressed in a separate notice and comment 
process. See 81 FR 95310 (Dec. 27, 2016).
    \5\ See 81 FR 88592 (Dec. 7, 2016) (Certification Process 
Interim Final Rule); 81 FR 93756 (Dec. 21, 2016) (Final Rules 
governing balance of Program).
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    The changes to the Program rules require revisions to currently 
effective Program forms to incorporate terminology and regulatory 
reference changes, and Treasury seeks to extend these previously 
approved collections subject to these minor revisions. No additional 
burdens are imposed by these changes, either in terms of the estimates 
of the number of insurers affected or time burdens for compliance.\6\ 
None of the identified information will need to be reported unless 
there is a certified act of terrorism, and the insurer in question is 
seeking payment of the Federal share of compensation. The forms are 
designed to identify elements that insurers already regularly collect 
in their ordinary course of business when handling insurance claims, 
which will minimize any burden associated with their completion in the 
event an insurer submits a claim for payment of the Federal share of 
compensation.
---------------------------------------------------------------------------

    \6\ The burden estimates set forth below are the same estimates 
previously used by Treasury when seeking approval of this 
information collection.
---------------------------------------------------------------------------

    In addition, certain other information collections (relating to 
such Program administrative matters as the approval of certain 
settlement, and recoupment of the Federal share of compensation) lapsed 
pending finalization of the revised Program rules. Now that the revised 
Program rules are effective, Treasury seeks to reinstate these 
information collections subject to minor revisions. Again, no 
additional burdens would be imposed by these changes,\7\ and none of 
the identified information will need to be reported, if at all, unless 
there is certification of an act of terrorism. As is the case with the 
Program claims forms, these forms are designed to identify information 
that insurers already regularly collect in their ordinary course of 
business, which will minimize any burden associated with their 
completion.
---------------------------------------------------------------------------

    \7\ The burden estimates set forth below are the same estimates 
previously used by Treasury when seeking approval of these 
information collections.
---------------------------------------------------------------------------

    Finally, Treasury seeks approval for three additional information 
collections that are authorized and necessary under the revised Program 
rules. These collections: (1) Will permit (but not require) Treasury to 
obtain appropriate information directly from participating insurers 
during a certification process; (2) require claims reporting after 
certification of an act as an act of

[[Page 13545]]

terrorism, so that Treasury can determine whether the Program Trigger 
threshold \8\ has been reached and respond promptly to claims for 
payment of the Federal share of compensation; and (3) provide for the 
production of information in connection with a commutation payment 
after the Secretary determines a final netting date when claims 
relating to any insured loss or act of terrorism shall become final.\9\ 
As with the existing Program forms, these forms are designed to 
identify elements that insurers regularly collect in their ordinary 
course of business when handling insurance claims, which will minimize 
any burden associated with their completion. In addition, with respect 
to the possibility of a certification data call, the Program rules 
permit Treasury to obtain any necessary data through other means, which 
may obviate the need for a data call.\10\
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    \8\ See 31 CFR 50.4(v).
    \9\ The burden estimates for these collections as set forth 
below were originally identified by Treasury in its Notice of 
Proposed Rulemaking leading to the recent revision of the Program 
Rules. See 81 FR 18950, 18958-59 (Apr. 1, 2016). Treasury did not 
receive any comments concerning these burden estimate figures.
    \10\ See 31 CFR 50.62(b).
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    Further information concerning each of these requirements is 
provided below.

II. Information Collections

A. Existing Information Collections

    OMB Number: 1505-0200.
    Title: Terrorism Risk Insurance Program; Commercial Property and 
Casualty Insurers Submission for Federal Share of Compensation.
    Abstract: This information collection addresses information that 
participating insurers must submit in support of their claims for 
payment of the Federal share of compensation. The forms identifying the 
information to be collected are as follows:

Treasury Form TRIP 01 (Notice of Deductible Erosion (formerly 
Initial Notice of Insured Loss))
Treasury Form TRIP 02 (Certification of Loss (Initial and 
Supplementary))
Treasury Form TRIP 02A Schedule A (Declaration of Direct Earned 
Premium and Calculation of Insurer Deductible)
Treasury Form TRIP 02B Schedule B (Certification of Compliance with 
Section 103(b) of TRIA)
Treasury Form TRIP 02B Schedule C (Bordereau)

    Type of Review: Extension of a currently approved data collection.
    Current Expiration Date: July 31, 2017.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 100.\11\
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    \11\ Although the number of insurers required to file claims 
will depend upon the size and nature of the event in question, 
Treasury has historically used a best estimate of 100 insurers that 
will have insured losses as a result of an act of terrorism that 
could lead to potential claims for payment of the Federal share of 
compensation under the Program.
---------------------------------------------------------------------------

    Estimated Average Time per Respondent:
    Treasury Form TRIP 01: 1.0 hours x 1 response = 1 hours.
    Treasury Form TRIP 02 (Initial and Supplementary): 1.5 hours x 6 
responses = 9 hours.
    Treasury Form TRIP 02A Schedule A: 6.5 hours x 1 response = 6.5 
hours.
    Treasury Form TRIP 02B Schedule B: 0.25 hours x 6 responses = 1.5 
hours.
    Treasury Form TRIP 02B Schedule C: 4 hours x 6 responses = 24 
hours.
    Estimated Total Annual Burden Hours: 4,200 hours.\12\
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    \12\ The burden estimate includes assumptions as to the number 
of times each form will need to be completed by an insurer making 
claims for payment of the Federal share of compensation, as 
identified above (e.g., including an estimate that on average the 
forms relating to specific claims experience will be submitted six 
times), resulting in total hours for each of the 100 insurers of 42 
hours.
---------------------------------------------------------------------------

B. Reinstatements of Previously Approved Information Collections

    Former OMB Number: 1505-0196.
    Title: Terrorism Risk Insurance Program; Litigation Management--
Information Collection Regarding Proposed Settlements.
    Abstract: This information collection addresses settlement approval 
requirements under the Program that were initially adopted by Treasury 
by regulation \13\ and subsequently incorporated by Congress as part of 
TRIA.\14\ For third-party claims that are in excess of certain 
thresholds, Treasury must provide advance approval of the settlement 
before it is finalized by the participating insurer. The information 
collection provides Treasury with the necessary information to evaluate 
claims subject to this advance approval requirement. The form 
memorializing the collection is Treasury Form TRIP 03 (Notice of 
Proposed Settlement of Third Party Claim--Request for Approval).
---------------------------------------------------------------------------

    \13\ Currently codified at 31 CFR 50.102.
    \14\ TRIA Sec.  107(a)(6).
---------------------------------------------------------------------------

    Type of Review: Reinstatement of a previously approved information 
collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 100.
    Estimated Average Time per Respondent: 4.0 hours (per proposed 
settlement based upon likely number of settlements triggering 
requirement).
    Estimated Total Annual Burden Hours: 5,144 hours.\15\

    \15\ These estimates, like the estimates for the Program claim 
forms, are based upon assumptions as to the number of times the form 
will need to be completed. Those assumptions are: (1) Each of the 
100 insurers will have 100 claims (or 10,000 in total), (2) 1 in 7 
claims will involve amounts above the approval threshold (or 1,429 
claims), and (3) 90% of those claims will be settled, and thus 
trigger settlement approval reporting (1,286). That figure, applied 
against the 4 hours estimated to complete the form, results in the 
total figure of 5,144 hours. The reporting burden on insurers has 
not changed, but the numbers have been corrected here due to a 
previous rounding error.
---------------------------------------------------------------------------

    Former OMB Number: 1505-0197.
    Title: Recordkeeping Requirements for Insurers Compensated Under 
Terrorism Risk Insurance Program.
    Abstract: This requirement is for the maintenance (recordkeeping) 
of an insurer's records that are pertinent to claims for reimbursement 
by participating insurers and amounts paid by Treasury as the Federal 
share of compensation for insured losses. The recordkeeping is needed 
for Treasury to conduct investigations, confirmations, and audits, as 
required. 31 CFR 50.81 requires insurers to retain all records 
necessary to fully disclose material matters pertaining to insured 
losses. This record retention requirement is not subject to any common 
form or generalized reporting.
    Type of Review: Reinstatement of a previously approved data 
collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 100.
    Estimated Average Time per Respondent: 8.33 hours.\16\
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    \16\ Includes assumptions as to the number of claims that will 
be received for which some marginal additional costs (estimated to 
be 5 minutes per claim) will be incurred by the affected insurer.
---------------------------------------------------------------------------

    Estimated Total Annual Burden Hours: 833 hours.

    Former OMB Number: 1505-0207.
    Title: Recoupment Provisions of the Terrorism Risk Insurance Act 
(TRIA).
    Abstract: Section 103(a) of TRIA authorizes Treasury to recoup 
federal payments made under the Program through policyholder 
surcharges, as directed in the statute. In order to determine the 
amount of recoupment necessary, as well as implement any mandatory 
recoupment process, Treasury may issue a data call for aggregate loss 
information. If Treasury implements a recoupment process, all insurers 
subject to TRIA will be required to create and maintain records 
concerning their direct written premium, surcharges, surcharge amounts 
collected, and surcharge amounts remitted to Treasury and submit 
information to Treasury on a

[[Page 13546]]

monthly basis. The forms identifying the information to be collected 
are as follows:

Treasury Form TRIP 04A (Direct Written Premium and Monthly Surcharge 
Calculation)
Treasury Form TRIP 04B (Direct Written Premium and End of Year 
Calculation)
Treasury Form TRIP 05 (Data Call)

    Type of Review: Reinstatement of a previously approved data 
collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 2,000 (TRIP 04A and TRIP 04B 
recoupment processing) and 200 (TRIP 05 data call).
    Estimated Average Time per Respondent:
    Treasury Forms TRIP 04A and TRIP 04B: 5 hours per month (60 hours 
per year).
    Treasury Form TRIP 05: 5 hours.
    Estimated Total Annual Burden Hours: 120,000 hours (TRIP 04A and 
TRIP 04B), and 1,000 hours (TRIP 05).

    Former OMB Number: 1505-0208.
    Title: Terrorism Risk Insurance Program; Cap on Annual Liability.
    Abstract: The Program is subject to a total annual cap of aggregate 
industry losses of $100 billion, and Treasury is directed under TRIA to 
advise Congress within 15 days of an ``act of terrorism'' whether 
estimated total losses are expected to exceed the cap. In order to 
comply with the liability cap provisions of TRIA, Treasury may conduct 
a data call for insured loss and deductible information to accurately 
assess aggregate industry losses and determine if the $100 billion cap 
could be exceeded, as well as to determine and adjust the ``pro rata 
loss percentage'' to be applied against claim payments. The form 
identifying the information to be collected is Treasury Form TRIP 05 
(Terrorism Risk Insurance Program; Data Call).
    Type of Review: Reinstatement of a previously approved data 
collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 200.
    Estimated Average Time per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 1,000 hours.

C. New Information Collections

    OMB Number: New.
    Title: Terrorism Risk Insurance Program; Certification Data Call.
    Abstract: In order for the Secretary to determine whether an event 
is subject to certification as an ``act of terrorism'' under TRIA and 
31 CFR 50.62, Treasury may collect loss data and estimates from 
affected insurers in order to confirm that losses are above statutory 
thresholds. The information collection includes both actual loss data, 
as well as estimates that may be generated in the immediate aftermath 
of an event which do not constitute loss data but which could 
nonetheless inform the certification determination. The form 
identifying the information to be collected is Treasury Form TRIP 06 
(Certification Data Call).
    Type of Review: New data collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 20.
    Estimated Average Time per Respondent: 15 hours.
    Estimated Total Annual Burden Hours: 300 hours.

    OMB Number: New.
    Title: Terrorism Risk Insurance Program; Monthly Claims Report.
    Abstract: Payments of the Federal share of compensation require 
that aggregate industry losses reach a certain threshold, even if the 
losses of a particular insurer are in excess of its deductible. 
Pursuant to 31 CFR 50.53, the monthly claims report provides for 
truncated monthly reporting of losses so that Treasury may evaluate 
loss experience as it develops, and make timely payments to insurers 
entitled to the Federal share of compensation. The report will enable 
payments to smaller insurers that cannot demonstrate, based upon their 
own losses, that Program Trigger amounts have been reached. The form 
memorializing the collection is Treasury Form TRIP 07 (Monthly Claims 
Report). The report has been tailored to seek the minimal amount of 
information necessary to confirm total industry payment amounts and 
estimates, and requests far less information than will be necessary for 
insurers to submit claims for payment of the Federal share of 
compensation.
    Type of Review: New data collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 100.
    Estimated Average Time per Respondent: 2 hours (each month over a 
48-month period).
    Estimated Total Annual Burden Hours: 9,600 hours.\17\

    \17\ The burden estimate includes the assumption that the 
monthly report will need to be competed each month over a 48-month 
period (estimated to be the period over which claims are likely to 
be reported and resolved), or 96 hours per each insurer and 9,600 
hours for all insurers combined.
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    OMB Number: New.
    Title: Terrorism Risk Insurance Program; Commutations under Final 
Netting Rule.
    Abstract: Under 31 CFR 50.76(d), the Secretary may set a final 
netting date, at which time all claims relating to an insured loss or 
act of terrorism become final. As part of a final netting 
determination, Treasury may require or consider a request for a 
commutation of an insurer's future claims for the Federal share of 
compensation. This process could require the insurer to produce 
information justifying a final payment estimate, including supporting 
actuarial factors and methodology. This information collection is not 
subject to any common form or generalized reporting requirement, as it 
will necessarily be tailored to the circumstances presented by a 
particular insurer and insured loss, which will need to be determined 
at the time any particular commutation process takes place.
    Type of Review: New data collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 15.
    Estimated Average Time per Respondent: 40 hours.
    Estimated Total Annual Burden Hours: 600 hours.
    All of the forms and associated instructional materials are 
available for review on Treasury's Web site at https://www.treasury.gov/resource-center/fin-mkts/Pages/program.aspx.
    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 
collections; (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.


[[Page 13547]]


    Dated: March 7, 2017.
Brian J. Peretti,
Director, Critical Infrastructure Protection and Compliance Policy.
[FR Doc. 2017-04819 Filed 3-10-17; 8:45 am]
BILLING CODE 4810-25-P
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