2020 Report on the Effectiveness of the Terrorism Risk Insurance Program, 23435-23436 [2020-08817]
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Federal Register / Vol. 85, No. 81 / Monday, April 27, 2020 / Notices
3. SHELIMAR INVESTMENTS, LTD,
Vanterpool Plaza 2nd Floor, Wickhams
Cay, Road Town, Tortola, Virgin
Islands, British [SDNTK].
4. SHELIMAR REAL ESTATE
HOLDINGS II, INC, Miami, FL, United
States [SDNTK].
5. SHELIMAR REAL ESTATE
HOLDINGS III, INC, Golden Beach, FL,
United States; Tax ID No. 270800357
(United States) [SDNTK].
6. SEMILLANOS S.A., Carrera 43 A 1
Sur 100 Of 1705, Medellin, Antioquia,
Colombia; Hacienda El Cedro, Km 5 Via
Rabolargo, Cerete, Cordoba, Colombia;
NIT # 811034178–0 (Colombia)
[SDNTK].
Dated: April 22, 2020.
Gregory T. Gatjanis,
Associate Director, Office of Global Targeting,
Office of Foreign Assets Control.
[FR Doc. 2020–08880 Filed 4–24–20; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF THE TREASURY
2020 Report on the Effectiveness of
the Terrorism Risk Insurance Program
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Request for comment.
AGENCY:
The Terrorism Risk Insurance
Act of 2002, as amended (TRIA),
established the Terrorism Risk
Insurance Program (TRIP or Program).
TRIA requires the Secretary of the
Treasury (Secretary) to submit a report
to Congress by June 30, 2020 concerning
the overall effectiveness of TRIP and
other related matters. To assist the
Secretary in formulating the report, the
Federal Insurance Office (FIO) within
the Department of the Treasury
(Treasury) is seeking comments from the
industry and other stakeholders on the
statutory factors that the report must
analyze, as well as any other feedback
about the effectiveness of TRIP.
DATES: Submit comments on or before
June 11, 2020.
ADDRESSES: Submit comments
electronically through the Federal
eRulemaking Portal at https://
www.regulations.gov, in accordance
with the instructions on that site, or by
mail to the Federal Insurance Office,
Attn: Richard Ifft, Room 1410 MT,
Department of the Treasury, 1500
Pennsylvania Avenue NW, Washington,
DC 20220. Because postal mail may be
subject to processing delays, it is
recommended that comments be
submitted electronically. If submitting
comments by mail, please submit an
original version with two copies.
Comments concerning the 2020 report
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:32 Apr 24, 2020
Jkt 250001
on the effectiveness of the Program
should be captioned with ‘‘2020 TRIP
Effectiveness Report.’’ In general,
Treasury 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. 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.
Where appropriate, a comment should
include a short Executive Summary (no
more than five single-spaced pages).
Additional Instructions. Responses
should also include: (1) The data or
rationale, including examples,
supporting any opinions or conclusions;
and (2) any specific legislative,
administrative, or regulatory proposals
for carrying out recommended
approaches or options.
FOR FURTHER INFORMATION CONTACT:
Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, (202) 622–2922, or
Lindsey Baldwin, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, (202) 622–3220.
Persons who have difficulty hearing or
speaking may access these numbers via
TTY by calling the toll-free Federal
Relay Service at (800) 877–8339.
SUPPLEMENTARY INFORMATION:
I. Background
TRIA 1 requires participating insurers
to make insurance available for losses
resulting from acts of terrorism, and
provides a federal government backstop
for the insurers’ resulting financial
exposure. TRIA established TRIP within
Treasury, and TRIP is administered by
the Secretary with the assistance of FIO.
TRIA Section 104(h)(2) requires the
Secretary to prepare and submit a report
to the Committee on Financial Services
of the House of Representatives and the
Committee on Banking, Housing, and
Urban Affairs of the Senate on, among
other things, the impact and
effectiveness of TRIP (the Effectiveness
Report). TRIA was reauthorized in
December 2019 with an additional
requirement that Treasury analyze in
the Effectiveness Report the availability
and affordability of terrorism risk
insurance, including specifically for
houses of worship.2 The Effectiveness
1 Public Law 107–297, 116 Stat. 2322 (2002), as
amended. The provisions of TRIA appear in a note
of the United States Code (15 U.S.C. 6701 note),
and, therefore, references to the provisions of TRIA
are identified by the sections of the law [e.g., ‘‘TRIA
§ 102(1) (definition of an ‘‘act of terrorism’’)’’].
2 Public Law 116–94, 133 Stat. 2534.
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
23435
Report that is to be submitted by June
30, 2020 will also include an analysis of
information that is being collected by
Treasury through the 2020 TRIP Data
Call (including information relating
specifically to houses of worship),3 as
well as data that Treasury collected in
prior TRIP Data Calls.4 Treasury
structures its data calls to obtain
information appropriate to analyze the
effectiveness of TRIP and the
competitiveness of small insurers in the
terrorism risk insurance marketplace,5
as well as to assist Treasury more
generally in the administration of TRIP.
II. Solicitation for Comments
Treasury seeks comments on each of
the following factors, which Treasury is
required under TRIA Section 104(h)(2)
to consider in the Effectiveness Report:
1. The overall effectiveness of TRIP;
2. The availability and affordability of
terrorism risk insurance, including
specifically for places of worship;
3. Any changes or trends you have
observed relating to the data Treasury
collects in its annual TRIP Data Calls;
4. Whether any aspects of TRIP have
the effect of discouraging or impeding
insurers from providing commercial
property and casualty insurance
coverage or coverage for acts of
terrorism; and
5. Any impact of TRIP on workers’
compensation insurers in particular.
By collecting information and views
on the factors listed above, Treasury
will enhance the accuracy and value of
the Effectiveness Report to Congress.
This request for comment will provide
stakeholders the opportunity to provide
qualitative feedback and analysis that
may not be otherwise observable
through the results of the TRIP Data
Calls. Comments from insurers
providing data, other stakeholders, and
the public will assist the Secretary in
the formulation of the Effectiveness
Report and more generally in the
administration of TRIP.
In addition to seeking comments on
the above factors outlined in Section
104(h)(2) of TRIA, Treasury also seeks
comments on the following topics:
1. Whether any lines of insurance or
coverages within certain lines of
insurance currently subject to the
3 2020 Terrorism Risk Insurance Program Data
Call, 85 FR 15036 (March 16, 2020).
4 The requirements for TRIP Data Calls are set
forth in TRIA § 104(h)(1) and in Treasury
regulations. See 31 CFR Subpart F.
5 TRIA § 108(h) requires the Secretary to submit
a report to Congress every other year studying small
insurers participating in the Program, and
identifying any competitive challenges small
insurers face in the terrorism risk insurance
marketplace.
E:\FR\FM\27APN1.SGM
27APN1
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23436
Federal Register / Vol. 85, No. 81 / Monday, April 27, 2020 / Notices
Program do not require the support of
TRIP;
2. The market for standalone terrorism
risk insurance that is written outside of
TRIP, including the reasons such
coverage is offered and obtained, and
whether the existence of such insurance
provides any insights into the
effectiveness of the Program;
3. The availability and affordability of
private reinsurance, or capital markets
support, for terrorism risk insurance
exposures (both those exposures
currently subject to TRIP as well as
those otherwise held by insurers
participating in TRIP);
4. The extent to which reinsurance for
terrorism risk is being obtained as part
of overall catastrophe reinsurance
programs, the reasons for obtaining
reinsurance for terrorism risk in this
manner, and how—if at all—this has
affected market capacity for terrorism
risk reinsurance generally;
5. Any factors that impede private
reinsurance or capital markets support
for terrorism risk insurance;
6. The availability of terrorism risk
insurance coverage for losses arising
from nuclear, biological, chemical, or
radiological (NBCR) exposures, and the
availability of private reinsurance or
capital markets support for such
terrorism risk insurance;
7. Terrorism risk insurance issues
presented by cyber-related losses, and
the impact of TRIP in connection with
such exposures, including your views as
to the nature of the cyber-related
terrorism losses that are included within
TRIP; 6
8. Any potential changes that would
encourage the take up of insurance for
cyber-related losses arising from acts of
terrorism as defined under TRIA,
including but not limited to the
modification of the lines of insurance
covered by TRIP, revisions to the
current sharing mechanisms for cyberrelated losses, and further changes to
the certification process as it would
apply to a cyber-related terrorism loss;
9. Private reinsurance or capital
markets support for cyber-related losses
arising from acts of terrorism as defined
under TRIA; and
10. Any other issues relating to TRIP,
terrorism risk insurance, or reinsurance
that may be relevant to FIO’s assessment
of the effectiveness of TRIP in the
Effectiveness Report.
6 Treasury has previously addressed the
application of TRIP to policies covering cyberrelated losses. 81 FR 95312 (December 27, 2016).
VerDate Sep<11>2014
17:32 Apr 24, 2020
Jkt 250001
Dated: April 21, 2020.
Steven E. Seitz,
Director, Federal Insurance Office.
[FR Doc. 2020–08817 Filed 4–24–20; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Multiple
Financial Crimes Enforcement Network
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 May 27, 2020 to be assured of
consideration.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Molly Stasko by emailing
PRA@treasury.gov, calling (202) 622–
8922, or viewing the entire information
collection request at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Financial Crimes Enforcement Network
(FinCEN)
1. Title: Registration of Money
Services Business.
OMB Control Number: 1506–0013.
Type of Review: Extension without
change of a currently approved
collection.
Description: Under 31 U.S.C. 5330
and its implementing regulation (31
CFR 1022.380), money services
businesses must file an initial
registration report with FinCEN, renew
their registration every two years, reregister under certain circumstances,
and maintain a list of their agents.
Form: FinCEN Report 107.
Affected Public: Business or other forprofit institutions.
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
Estimated Number of Respondents:
36,408.
Frequency of Response: As required,
Every two years, and Annually.
Estimated Total Number of Annual
Responses: 36,408.
Estimated Time per Response: Varies
from 30–70 minutes depending on type
of registration.
Estimated Total Annual Burden
Hours: 22,007.
2. Title: Imposition of Special
Measure concerning the Islamic
Republic of Iran as a Jurisdiction of
Primary Money Laundering Concern.
OMB Control Number: 1506–0074.
Type of Review: Extension without
change of a currently approved
collection.
Description: FinCEN issued a final
rule on November 4, 2019, imposing the
fifth special measure to prohibit U.S.
financial institutions from opening or
maintaining a correspondent account
for, or on behalf of, Iranian banking
institutions. (84 FR 59302). The rule
further prohibits U.S. financial
institutions from processing
transactions for the correspondent
account of a foreign bank in the United
States if such a transaction involves an
Iranian financial institution, and
requires institutions to apply special
due diligence to guard against such use
by Iranian financial institutions. See 31
CFR 1010.661.
Form: None.
Affected Public: Business or other forprofit institutions.
Estimated Number of Respondents:
23,615.
Frequency of Response: One-time
notification.
Estimated Total Number of Annual
Responses: 23,615.
Estimated Time per Response: 1 hour.
Estimated Total Annual Burden
Hours: 23,615.
(Authority: 44 U.S.C. 3501 et seq.)
Dated: April 21, 2020.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2020–08827 Filed 4–24–20; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Open Meeting of the Advisory
Committee on Risk-Sharing
Mechanisms
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice of open meeting.
AGENCY:
This notice announces that
the U.S. Department of the Treasury’s
Advisory Committee on Risk-Sharing
SUMMARY:
E:\FR\FM\27APN1.SGM
27APN1
]]>Agencies
[Federal Register Volume 85, Number 81 (Monday, April 27, 2020)]
[Notices]
[Pages 23435-23436]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08817]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
2020 Report on the Effectiveness of the Terrorism Risk Insurance
Program
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Request for comment.
-----------------------------------------------------------------------
SUMMARY: The Terrorism Risk Insurance Act of 2002, as amended (TRIA),
established the Terrorism Risk Insurance Program (TRIP or Program).
TRIA requires the Secretary of the Treasury (Secretary) to submit a
report to Congress by June 30, 2020 concerning the overall
effectiveness of TRIP and other related matters. To assist the
Secretary in formulating the report, the Federal Insurance Office (FIO)
within the Department of the Treasury (Treasury) is seeking comments
from the industry and other stakeholders on the statutory factors that
the report must analyze, as well as any other feedback about the
effectiveness of TRIP.
DATES: Submit comments on or before June 11, 2020.
ADDRESSES: Submit comments electronically through the Federal
eRulemaking Portal at https://www.regulations.gov, in accordance with
the instructions on that site, or by mail to the Federal Insurance
Office, Attn: Richard Ifft, Room 1410 MT, Department of the Treasury,
1500 Pennsylvania Avenue NW, Washington, DC 20220. Because postal mail
may be subject to processing delays, it is recommended that comments be
submitted electronically. If submitting comments by mail, please submit
an original version with two copies. Comments concerning the 2020
report on the effectiveness of the Program should be captioned with
``2020 TRIP Effectiveness Report.'' In general, Treasury 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. 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. Where appropriate, a comment
should include a short Executive Summary (no more than five single-
spaced pages).
Additional Instructions. Responses should also include: (1) The
data or rationale, including examples, supporting any opinions or
conclusions; and (2) any specific legislative, administrative, or
regulatory proposals for carrying out recommended approaches or
options.
FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal Insurance Office, (202) 622-2922, or
Lindsey Baldwin, Senior Insurance Regulatory Policy Analyst, Federal
Insurance Office, (202) 622-3220. Persons who have difficulty hearing
or speaking may access these numbers via TTY by calling the toll-free
Federal Relay Service at (800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
TRIA \1\ requires participating insurers to make insurance
available for losses resulting from acts of terrorism, and provides a
federal government backstop for the insurers' resulting financial
exposure. TRIA established TRIP within Treasury, and TRIP is
administered by the Secretary with the assistance of FIO. TRIA Section
104(h)(2) requires the Secretary to prepare and submit a report to the
Committee on Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate on,
among other things, the impact and effectiveness of TRIP (the
Effectiveness Report). TRIA was reauthorized in December 2019 with an
additional requirement that Treasury analyze in the Effectiveness
Report the availability and affordability of terrorism risk insurance,
including specifically for houses of worship.\2\ The Effectiveness
Report that is to be submitted by June 30, 2020 will also include an
analysis of information that is being collected by Treasury through the
2020 TRIP Data Call (including information relating specifically to
houses of worship),\3\ as well as data that Treasury collected in prior
TRIP Data Calls.\4\ Treasury structures its data calls to obtain
information appropriate to analyze the effectiveness of TRIP and the
competitiveness of small insurers in the terrorism risk insurance
marketplace,\5\ as well as to assist Treasury more generally in the
administration of TRIP.
---------------------------------------------------------------------------
\1\ Public Law 107-297, 116 Stat. 2322 (2002), as amended. The
provisions of TRIA appear in a note of the United States Code (15
U.S.C. 6701 note), and, therefore, references to the provisions of
TRIA are identified by the sections of the law [e.g., ``TRIA Sec.
102(1) (definition of an ``act of terrorism'')''].
\2\ Public Law 116-94, 133 Stat. 2534.
\3\ 2020 Terrorism Risk Insurance Program Data Call, 85 FR 15036
(March 16, 2020).
\4\ The requirements for TRIP Data Calls are set forth in TRIA
Sec. 104(h)(1) and in Treasury regulations. See 31 CFR Subpart F.
\5\ TRIA Sec. 108(h) requires the Secretary to submit a report
to Congress every other year studying small insurers participating
in the Program, and identifying any competitive challenges small
insurers face in the terrorism risk insurance marketplace.
---------------------------------------------------------------------------
II. Solicitation for Comments
Treasury seeks comments on each of the following factors, which
Treasury is required under TRIA Section 104(h)(2) to consider in the
Effectiveness Report:
1. The overall effectiveness of TRIP;
2. The availability and affordability of terrorism risk insurance,
including specifically for places of worship;
3. Any changes or trends you have observed relating to the data
Treasury collects in its annual TRIP Data Calls;
4. Whether any aspects of TRIP have the effect of discouraging or
impeding insurers from providing commercial property and casualty
insurance coverage or coverage for acts of terrorism; and
5. Any impact of TRIP on workers' compensation insurers in
particular.
By collecting information and views on the factors listed above,
Treasury will enhance the accuracy and value of the Effectiveness
Report to Congress. This request for comment will provide stakeholders
the opportunity to provide qualitative feedback and analysis that may
not be otherwise observable through the results of the TRIP Data Calls.
Comments from insurers providing data, other stakeholders, and the
public will assist the Secretary in the formulation of the
Effectiveness Report and more generally in the administration of TRIP.
In addition to seeking comments on the above factors outlined in
Section 104(h)(2) of TRIA, Treasury also seeks comments on the
following topics:
1. Whether any lines of insurance or coverages within certain lines
of insurance currently subject to the
[[Page 23436]]
Program do not require the support of TRIP;
2. The market for standalone terrorism risk insurance that is
written outside of TRIP, including the reasons such coverage is offered
and obtained, and whether the existence of such insurance provides any
insights into the effectiveness of the Program;
3. The availability and affordability of private reinsurance, or
capital markets support, for terrorism risk insurance exposures (both
those exposures currently subject to TRIP as well as those otherwise
held by insurers participating in TRIP);
4. The extent to which reinsurance for terrorism risk is being
obtained as part of overall catastrophe reinsurance programs, the
reasons for obtaining reinsurance for terrorism risk in this manner,
and how--if at all--this has affected market capacity for terrorism
risk reinsurance generally;
5. Any factors that impede private reinsurance or capital markets
support for terrorism risk insurance;
6. The availability of terrorism risk insurance coverage for losses
arising from nuclear, biological, chemical, or radiological (NBCR)
exposures, and the availability of private reinsurance or capital
markets support for such terrorism risk insurance;
7. Terrorism risk insurance issues presented by cyber-related
losses, and the impact of TRIP in connection with such exposures,
including your views as to the nature of the cyber-related terrorism
losses that are included within TRIP; \6\
---------------------------------------------------------------------------
\6\ Treasury has previously addressed the application of TRIP to
policies covering cyber-related losses. 81 FR 95312 (December 27,
2016).
---------------------------------------------------------------------------
8. Any potential changes that would encourage the take up of
insurance for cyber-related losses arising from acts of terrorism as
defined under TRIA, including but not limited to the modification of
the lines of insurance covered by TRIP, revisions to the current
sharing mechanisms for cyber-related losses, and further changes to the
certification process as it would apply to a cyber-related terrorism
loss;
9. Private reinsurance or capital markets support for cyber-related
losses arising from acts of terrorism as defined under TRIA; and
10. Any other issues relating to TRIP, terrorism risk insurance, or
reinsurance that may be relevant to FIO's assessment of the
effectiveness of TRIP in the Effectiveness Report.
Dated: April 21, 2020.
Steven E. Seitz,
Director, Federal Insurance Office.
[FR Doc. 2020-08817 Filed 4-24-20; 8:45 am]
BILLING CODE 4810-25-P
