Establish Pricing for 2020 United States Mint Numismatic Product, 83160 [2020-28051]
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Federal Register / Vol. 85, No. 245 / Monday, December 21, 2020 / Notices
Program. Under the Act, if total annual
payments by all participating insurers
are below the IMARA, then Treasury
must recoup all amounts expended by it
up to the IMARA threshold. If total
annual payments by all participating
insurers are above the IMARA, then
Treasury has discretionary authority
(but not the obligation) to recoup all of
the expended amounts that are above
the IMARA threshold.4
TRIA provides for a schedule of
defined IMARA values for calendar year
2015 through calendar year 2019.5 For
calendar year 2020 and beyond, TRIA
states that the IMARA ‘‘shall be revised
to be the amount equal to the annual
average of the sum of insurer
deductibles for all insurers participating
in the Program for the prior 3 calendar
years,’’ as such sum is determined
pursuant to final rules issued by the
Secretary.6
On November 15, 2019, Treasury
issued a final rule for calculation of the
IMARA.7 This rule, which is codified at
31 CFR 50.4(m)(2), provides that the
IMARA will be calculated by averaging
the annual industry aggregate
deductibles over the prior three
calendar years, based upon the direct
earned premium (DEP) reported to
Treasury by insurers in Treasury’s
annual data calls. Insurer deductibles
under the Program are based upon the
DEP of individual insurers reported to
Treasury in the prior year (e.g., 2018
DEP for 2019 calendar year).
Accordingly, for purposes of
determining the IMARA for calendar
2021, Treasury has averaged the
aggregate insurer deductibles for
calendar years 2020, 2019, and 2018 (as
reported to Treasury in each of these
years), which are based on the reported
DEP for calendar years 2019, 2018, and
2017, respectively.
FIO’s 2020 Report on the
Effectiveness of the Terrorism Risk
Insurance Program 8 identified the DEP
amounts participating insurers reported
to Treasury in the TRIP-eligible lines of
insurance in the 2018, 2019, and 2020
TRIP data calls. For purposes of the
2021 IMARA calculation, those figures
are as follows:
TRIP-ELIGIBLE DEP BY INSURER CATEGORY 9
2018 TRIP data call
2017 DEP in
TRIP-eligible
lines
2019 TRIP data call
2018 DEP in
TRIP-eligible
lines
% of
Total
2020 TRIP data call
% of
Total
2019 DEP in
TRIP-eligible
lines
% of
Total
Alien Surplus Lines Ins. ............................................
Captive Insurers ........................................................
Non-Small Insurers ...................................................
Small Insurers ...........................................................
$9,492,933,571
9,052,630,571
163,891,791,592
21,806,195,201
5
4
80
11
$7,618,548,358
8,937,119,082
166,188,192,378
22,516,178,612
4
4
81
11
$11,149,972,542
9,083,384,310
172,970,757,331
22,882,139,290
5
4
80
11
Total ...................................................................
204,243,550,936
100
205,260,038,430
100
216,086,253,473
100
Source: 2018–2020 TRIP Data Calls.
Treasury has used these reported
premiums to calculate the IMARA for
calendar year 2021. The average annual
DEP figure for the combined period of
2017, 2018, and 2019 is
$208,529,947,613 [($204,243,550,936 +
$205,260,038,430 + $216,086,253,473)/3
= $208,529,947,613]. The average
aggregate deductible for the prior three
years is 20 percent of $208,529,947,613,
which equals $41,705,989,523.10
Accordingly, the IMARA for purposes of
calendar year 2021 is $41,705,989,523.
Dated: December 15, 2020.
Steven E. Seitz,
Director, Federal Insurance Office.
DEPARTMENT OF THE TREASURY
Product
2020 retail
price
United States Mint
Establish Pricing for 2020 United
States Mint Numismatic Product
United States Mint, Department
of the Treasury.
Presidential $1 Coin & First
Spouse Medal SetTMGeorge H.W. Bush and
Barbara Bush ....................
$25.00
AGENCY:
ACTION:
Notice.
The United States Mint is
announcing pricing for the new United
States Mint numismatic product in
accordance with the table below:
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Angela Hicks, Marketing Specialist,
Sales and Marketing; United States
Mint; 801 9th Street, NW; Washington,
DC 20220; or call 202–354–7750.
Authority: 31 U.S.C. 5111, 5112, & 9701.
Eric Anderson,
Executive Secretary, United States Mint.
[FR Doc. 2020–27996 Filed 12–18–20; 8:45 am]
[FR Doc. 2020–28051 Filed 12–18–20; 8:45 am]
BILLING CODE 4810–25–P
BILLING CODE 4810–37–P
4 See TRIA, sec. 103(e)(7); see also 31 CFR part
50 subpart J (Recoupment and Surcharge
Procedures).
5 In 2015, the IMARA was $29.5 billion; it
increased to $31.5 billion in 2016, $33.5 billion in
2017, $35.5 billion in 2018, and $37.5 billion in
2019. See TRIA, sec. 103(e)(6)(B).
6 TRIA, sec. 103(e)(6)(B)(ii) and (e)(6)(C). An
insurer’s deductible under the Program for any
particular year is 20 percent of its direct earned
premium subject to the Program during the
preceding year. TRIA, sec. 102(7). For example, an
insurer’s calendar year 2020 Program deductible is
VerDate Sep<11>2014
22:33 Dec 18, 2020
Jkt 253001
20 percent of its calendar year 2019 direct earned
premium.
7 84 FR 62450 (November 15, 2019) (Final Rule).
On December 18, 2019, Treasury issued a notice
that the IMARA calculation for calendar year 2020
was $40,878,630,900. 84 FR 69462 (December 18,
2019).
8 FIO, Report on the Effectiveness of the
Terrorism Risk Insurance Program (June 2020)
(2020 Effectiveness Report), 11 (Figure 1), https://
home.treasury.gov/system/files/311/2020-TRIPEffectiveness-Report.pdf.
PO 00000
Frm 00134
Fmt 4703
Sfmt 9990
9 The figures from the 2019 and 2018 TRIP data
calls (some figures may not add up on account of
rounding) were previously reported in the IMARA
calculation for calendar year 2020. See 84 FR 69462
(December 18, 2019). Figures from the 2020 TRIP
data call were previously reported in FIO’s June
2020 Effectiveness Report, as available at that time
and rounded. 2020 Effectiveness Report, 11 (Figure
1). The figures from the 2020 TRIP data call as
originally reported in June 2020 have been updated
to include data received by FIO after the reporting
deadline.
10 See note 6.
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]]>Agencies
[Federal Register Volume 85, Number 245 (Monday, December 21, 2020)]
[Notices]
[Page 83160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28051]
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DEPARTMENT OF THE TREASURY
United States Mint
Establish Pricing for 2020 United States Mint Numismatic Product
AGENCY: United States Mint, Department of the Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The United States Mint is announcing pricing for the new
United States Mint numismatic product in accordance with the table
below:
------------------------------------------------------------------------
2020 retail
Product price
------------------------------------------------------------------------
Presidential $1 Coin & First Spouse Medal SetTM-George $25.00
H.W. Bush and Barbara Bush.............................
------------------------------------------------------------------------
FOR FURTHER INFORMATION CONTACT: Angela Hicks, Marketing Specialist,
Sales and Marketing; United States Mint; 801 9th Street, NW;
Washington, DC 20220; or call 202-354-7750.
Authority: 31 U.S.C. 5111, 5112, & 9701.
Eric Anderson,
Executive Secretary, United States Mint.
[FR Doc. 2020-28051 Filed 12-18-20; 8:45 am]
BILLING CODE 4810-37-P
