Prompt Payment Interest Rate; Contract Disputes Act, 72139-72140 [2019-28192]
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Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices
reinsurer) have taken place in the years
since Fiscal Service last significantly
updated the program’s regulatory
requirements and its financial analysis
methodology. For instance, the passage
of the Nonadmitted and Reinsurance
Reform Act of 2010 and the adoption by
U.S. states of the 2011 amendments to
the National Association of Insurance
Commissioners’ Credit for Reinsurance
Model Law and Model Regulation have
impacted the form and extent of surety
companies’ reliance on reinsurers not
domiciled in the United States. In 2010,
Congress created the Federal Insurance
Office (‘‘FIO’’) in the Department of the
Treasury to, among other things,
monitor and report on the regulation of
the insurance industry. Additionally,
pursuant to the authorities set forth in
the Federal Insurance Office Act of
2010, the Department of the Treasury,
led by the FIO, and the Office of the
United States Trade Representative have
negotiated a covered agreement with the
European Union, providing for (among
other things) the elimination of
collateral requirements, under specified
conditions, for reinsurers from EU
member states assuming business from
U.S. ceding insurers. While these and
other developments are not the sole
impetus for Fiscal Service’s
consideration of modernizing and
improving program requirements, the
questions below should be viewed in
light of these changes that have
occurred in the regulation of the
insurance industry. Throughout this
process, Fiscal Service will consult and
coordinate with FIO.
You are invited to answer the
following questions and provide general
comments on any other aspect of the
program’s regulations and requirements.
Please include in your comments how
any recommended actions would
protect the financial interests of the
United States and otherwise improve
the program.
Request for Comment: While Fiscal
Service is particularly interested in
responses to the following questions,
commenters may supply other
information pertaining to Fiscal
Service’s requirements not explicitly
referenced below.
1. Should Fiscal Service consider
changing the approach or methodology
it uses to value the assets and liabilities
of a company applying to be certified as
an insurer or reinsurer, or to be
recognized as an admitted reinsurer? In
particular, please consider commenting
on the following items: (a) Admissible
versus non-admissible assets; (b) capital
requirements; (c) underwriting
limitation; and (d) comparison to
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requirements imposed by relevant
regulatory authorities.
2. What different methodologies, if
any, should Fiscal Service consider
using when evaluating applications
from companies that are part of an
insurance group’s pooling agreement?
Please provide your views on whether
Fiscal Service should analyze such
applicants’ financial condition at the
group level rather than, or in
conjunction with, analysis at the
individual company level. Please
address the benefits and risks to the
federal government of performing the
financial analysis at the group level.
3. Should Fiscal Service consider
changing the approach or methodology
it uses to determine the credit allowed
for reinsurance and, if so, what changes
should it consider? Please address both
reinsurance of federal surety bonds and
of non-federal risks, and provide the
rationale for any proposed changes.
4. Should Fiscal Service consider
changing any aspects of the approach or
methodology it uses to determine
recognition of a company as an admitted
reinsurer? In your response, please
address Fiscal Service’s treatment of
both domestic and alien reinsurers, and
discuss the benefits and risks to the
federal government of any proposed
changes.
5. Should Fiscal Service consider
changing the permissible methods, as
described in the program’s regulations
and annual letters published on its
website, for limiting risk in excess of a
surety company’s underwriting
limitation? In your response, please
address permissible methods for
limiting risk in excess of the
underwriting limitation relative to both
federal surety bonds and to non-federal
risks.
6. Should Fiscal Service consider
changing the schedule and the
documentation required for issuing and
renewing certificates of authority and, if
so, what changes should it consider? As
an example, but not a limitation on the
scope of the foregoing question, should
Fiscal Service consider issuing
certificates of authority that are valid for
more than one year based on a
company’s financial condition? Please
address the benefits and risks to the
federal government of implementing
such proposed changes, including
issuing certificates of authority that are
valid for more than one year.
7. Please recommend any other
revisions to the program regulations as
addressed in 31 CFR part 223 or the
annual letters published on Fiscal
Service’s website that are consistent
with protecting the federal government,
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72139
and provide the rationale for those
revisions.
Timothy E. Gribben,
Commissioner, Bureau of the Fiscal Service.
[FR Doc. 2019–28193 Filed 12–27–19; 8:45 am]
BILLING CODE 4810–AS–P
DEPARTMENT OF THE TREASURY
Fiscal Service
Prompt Payment Interest Rate;
Contract Disputes Act
Bureau of the Fiscal Service,
Treasury.
ACTION: Notice of prompt payment
interest rate; Contract Disputes Act.
AGENCY:
For the period beginning
January 1, 2020, and ending on June 30,
2020, the prompt payment interest rate
is 21⁄8 per centum per annum.
DATES: Effective January 1, 2020, to June
30, 2020.
ADDRESSES: Comments or inquiries may
be mailed to: E-Commerce Division,
Bureau of the Fiscal Service, 401 14th
Street SW, Room 306F, Washington, DC
20227. Comments or inquiries may also
be emailed to PromptPayment@
fiscal.treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Thomas M. Burnum, E-Commerce
Division, (202) 874–6430; or Thomas
Kearns, Attorney-Advisor, Office of the
Chief Counsel, (202) 874–7036.
SUPPLEMENTARY INFORMATION: An agency
that has acquired property or service
from a business concern and has failed
to pay for the complete delivery of
property or service by the required
payment date shall pay the business
concern an interest penalty. 31 U.S.C.
3902(a). The Contract Disputes Act of
1978, Sec. 12, Public Law 95–563, 92
Stat. 2389, and the Prompt Payment Act,
31 U.S.C. 3902(a), provide for the
calculation of interest due on claims at
the rate established by the Secretary of
the Treasury.
The Secretary of the Treasury has the
authority to specify the rate by which
the interest shall be computed for
interest payments under section 12 of
the Contract Disputes Act of 1978 and
under the Prompt Payment Act. Under
the Prompt Payment Act, if an interest
penalty is owed to a business concern,
the penalty shall be paid regardless of
whether the business concern requested
payment of such penalty. 31 U.S.C.
3902(c)(1). Agencies must pay the
interest penalty calculated with the
interest rate, which is in effect at the
time the agency accrues the obligation
to pay a late payment interest penalty.
SUMMARY:
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72140
Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices
31 U.S.C. 3902(a). ‘‘The interest penalty
shall be paid for the period beginning
on the day after the required payment
date and ending on the date on which
payment is made.’’ 31 U.S.C. 3902(b).
Therefore, notice is given that the
Secretary of the Treasury has
determined that the rate of interest
applicable for the period beginning
January 1, 2020, and ending on June 30,
2020, is 21⁄8 per centum per annum.
Timothy E. Gribben,
Commissioner, Bureau of the Fiscal Service.
[FR Doc. 2019–28192 Filed 12–27–19; 8:45 am]
BILLING CODE 4810–AS–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
Treasury Information Collection
Requests
Departmental Offices, U.S.
Department of the Treasury.
AGENCY:
ACTION:
Notice.
The Department of the
Treasury will submit the following
information collection requests 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
these requests.
SUMMARY:
Comments should be received on
or before January 29, 2020 to be assured
of consideration.
DATES:
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 8100, Washington, DC
20220, or email at PRA@treasury.gov.
khammond on DSKJM1Z7X2PROD with NOTICES
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Spencer W. Clark by
emailing PRA@treasury.gov, calling
(202) 927–5331, or viewing the entire
information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
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Treasury Departmental Officers (DO)
1. Title: Troubled Asset Relief
Program—Making Home Affordable
Participants.
OMB Control Number: 1505–0216.
Type of Review: Extension without
change of a currently approved
collection.
Description: Authorized under the
Emergency Economic Stabilization Act
(EESA) of 2008 (Public Law 110–343),
the Department of the Treasury has
implemented several aspects of the
Troubled Asset Relief Program. Among
these components is a voluntary
foreclosure prevention program, Making
Home Affordable (MHA) program,
under which the Department will use
TARP capital to lower the mortgage
payments of qualifying borrowers. The
Treasury will do this through
agreements with mortgage servicers to
modify loans on their systems. All
servicers were eligible to participate in
the program.
Form: None.
Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
140.
Frequency of Response: Monthly.
Estimated Total Number of Annual
Responses: 1,680.
Estimated Time per Response: 187.5
hours for large servicers and 2 hours for
small servicers.
Estimated Total Annual Burden
Hours: 47,880.
2. Title: Annual Performance Report
and Certification for Section 1603:
Payments for Specified Renewable
Energy Property in Lieu of Tax Credits.
OMB Control Number: 1505–0221.
Type of Review: Extension without
change of a currently approved
collection.
Description: Authorized under the
American Recovery and Reinvestment
Act (ARRA), of 2009 (Pub. L. 111–5), the
Department of the Treasury is
implementing several provisions of the
Act, more specifically Division B-Tax,
Unemployment, Health, State Fiscal
Relief, and Other Provisions. Among
these components is a program which
requires Treasury, in lieu of a tax credit,
to reimburse persons who place in
service certain specified energy
properties. The collection of
information is necessary to properly
monitor compliance with program
requirements. Applicants for Section
1603 payments commit in the Terms
and Conditions that are part of the
application to submitting an annual
report for five years from the date the
energy property is placed in service.
Form: None.
PO 00000
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Affected Public: Businesses or other
for-profits.
Estimated Number of Respondents:
150,000.
Frequency of Response: Annually.
Estimated Total Number of Annual
Responses: 150,000.
Estimated Time per Response: 15
minutes.
Estimated Total Annual Burden
Hours: 37,000.
Authority: 44 U.S.C. 3501 et seq.
Dated: December 23, 2019.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2019–28143 Filed 12–27–19; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
Fiscal Service Information Collection
Requests
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury will submit the following
information collection requests 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
these requests.
DATES: Comments should be received on
or before January 29, 2020 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 8100, Washington, DC
20220, or email at PRA@treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Spencer W. Clark by
emailing PRA@treasury.gov, calling
(202) 927–5331, or viewing the entire
information collection request at
www.reginfo.gov.
SUMMARY:
SUPPLEMENTARY INFORMATION:
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Agencies
[Federal Register Volume 84, Number 249 (Monday, December 30, 2019)]
[Notices]
[Pages 72139-72140]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-28192]
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DEPARTMENT OF THE TREASURY
Fiscal Service
Prompt Payment Interest Rate; Contract Disputes Act
AGENCY: Bureau of the Fiscal Service, Treasury.
ACTION: Notice of prompt payment interest rate; Contract Disputes Act.
-----------------------------------------------------------------------
SUMMARY: For the period beginning January 1, 2020, and ending on June
30, 2020, the prompt payment interest rate is 2\1/8\ per centum per
annum.
DATES: Effective January 1, 2020, to June 30, 2020.
ADDRESSES: Comments or inquiries may be mailed to: E-Commerce Division,
Bureau of the Fiscal Service, 401 14th Street SW, Room 306F,
Washington, DC 20227. Comments or inquiries may also be emailed to
[email protected].
FOR FURTHER INFORMATION CONTACT: Thomas M. Burnum, E-Commerce Division,
(202) 874-6430; or Thomas Kearns, Attorney-Advisor, Office of the Chief
Counsel, (202) 874-7036.
SUPPLEMENTARY INFORMATION: An agency that has acquired property or
service from a business concern and has failed to pay for the complete
delivery of property or service by the required payment date shall pay
the business concern an interest penalty. 31 U.S.C. 3902(a). The
Contract Disputes Act of 1978, Sec. 12, Public Law 95-563, 92 Stat.
2389, and the Prompt Payment Act, 31 U.S.C. 3902(a), provide for the
calculation of interest due on claims at the rate established by the
Secretary of the Treasury.
The Secretary of the Treasury has the authority to specify the rate
by which the interest shall be computed for interest payments under
section 12 of the Contract Disputes Act of 1978 and under the Prompt
Payment Act. Under the Prompt Payment Act, if an interest penalty is
owed to a business concern, the penalty shall be paid regardless of
whether the business concern requested payment of such penalty. 31
U.S.C. 3902(c)(1). Agencies must pay the interest penalty calculated
with the interest rate, which is in effect at the time the agency
accrues the obligation to pay a late payment interest penalty.
[[Page 72140]]
31 U.S.C. 3902(a). ``The interest penalty shall be paid for the period
beginning on the day after the required payment date and ending on the
date on which payment is made.'' 31 U.S.C. 3902(b).
Therefore, notice is given that the Secretary of the Treasury has
determined that the rate of interest applicable for the period
beginning January 1, 2020, and ending on June 30, 2020, is 2\1/8\ per
centum per annum.
Timothy E. Gribben,
Commissioner, Bureau of the Fiscal Service.
[FR Doc. 2019-28192 Filed 12-27-19; 8:45 am]
BILLING CODE 4810-AS-P