IMARA Calculation for Calendar Year 2022 Under the Terrorism Risk Insurance Program, 73100-73101 [2021-27795]
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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Notices
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Miljan
RADISAVLJEVIC, a person whose property
and interests in property are blocked
pursuant to E.O. 13818.
16. P.P.ROBNA KUCA METAL B.I., Kralja
Petra I 90, Zvecan, Kosovo; Organization
Established Date 29 Aug 2013; Organization
Type: Wholesale of other machinery and
equipment; Registration Number 70985691
(Kosovo) [GLOMAG] (Linked To:
NEDELJKOVIC, Sinisa).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Sinisa
NEDELJKOVIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
17. RAD D.O.O., Kralja Petra I B.B., Zveqan
43000, Kosovo; Organization Established
Date 01 Feb 2018; Organization Type:
Construction of buildings; Registration
Number 810091687 (Kosovo) [GLOMAG]
(Linked To: STEVIC, Radule).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Radule
STEVIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
18. RADOVAN RADIC B.I., P.P. EU RR
GRADNJA, Zupc 40650, Kosovo;
Organization Established Date 13 Feb 2014;
Organization Type: Construction of other
civil engineering projects; V.A.T. Number
601071814 (Kosovo) [GLOMAG] (Linked To:
RADIC, Radovan).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Radovan
RADIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
19. RADULE STEVIC B.I., P.T.P. RAD,
Prote Sfojaha, Zveqan 38227, Kosovo;
Organization Established Date 04 Apr 2013;
Organization Type: Construction of
buildings; Tax ID No. 600953708 (Kosovo)
[GLOMAG] (Linked To: STEVIC, Radule).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Radule
STEVIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
20. ROBNA KUCA METAL D.O.O., Kralja
Petra I 90, Zveqan 38227, Kosovo;
Organization Established Date 21 Aug 2017;
Organization Type: Wholesale of other
machinery and equipment; Registration
Number 810051061 (Kosovo) [GLOMAG]
(Linked To: NEDELJKOVIC, Sinisa).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Sinisa
NEDELJKOVIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
21. S.Z.T.R. PRIZMA B.I. (a.k.a.
SAMOSTALNA ZANATSKA TRGOVINSKA
RADNJA PRIZMA), 40000 Mitrovice, Kosovo;
VerDate Sep<11>2014
20:50 Dec 22, 2021
Jkt 256001
Organization Established Date 10 Dec 2001;
Organization Type: Construction of other
civil engineering projects; Registration
Number 80581564 (Kosovo) [GLOMAG]
(Linked To: VESELINOVIC, Zvonko).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Zvonko
VESELINOVIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
22. SINISA NEDELJKOVIC B.I., P.T.P.
METAL, 90, Kralja Petra I, Zveqan 38227,
Kosovo; Organization Established Date 09
Aug 2001; Organization Type: Wholesale of
other machinery and equipment; V.A.T.
Number 600351845 (Kosovo) [GLOMAG]
(Linked To: NEDELJKOVIC, Sinisa).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Sinisa
NEDELJKOVIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
23. SINISA NEDELJKOVIC I.B., Glavna Bb,
Shterpce 73000, Kosovo; Organization
Established Date 03 Sep 2015; Organization
Type: Restaurants and mobile food service
activities; V.A.T. Number 601337753
(Kosovo) [GLOMAG] (Linked To:
NEDELJKOVIC, Sinisa).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Sinisa
NEDELJKOVIC, a person whose property and
interests in property are blocked pursuant to
E.O. 13818.
24. ZARKO VESELINOVIC B.I., S.T.R.
KRISTAL (a.k.a. ZARKO VESELINOVIC B.I.),
Kralja Petra I, Mitrovice 40000, Kosovo;
Organization Established Date 21 Feb 2005;
Registration Number 70234903 (Kosovo)
[GLOMAG] (Linked To: VESELINOVIC,
Zharko Jovan).
Designated pursuant to section 1(a)(iii)(B)
of E.O. 13818 for being owned or controlled
by, or having acted or purported to act for or
on behalf of, directly or indirectly, Zharko
Jovan VESELINOVIC, a person whose
property and interests in property are
blocked pursuant to E.O. 13818.
Authority: E.O. 13818, 82 FR 60839, 3
CFR, 2018 Comp., p. 399.
Dated: December 20, 2021.
Andrea Gacki,
Director, Office of Foreign Assets Control,
U.S. Department of the Treasury.
[FR Doc. 2021–27855 Filed 12–22–21; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF THE TREASURY
RIN 1505–AC62
IMARA Calculation for Calendar Year
2022 Under the Terrorism Risk
Insurance Program
Departmental Offices,
Department of the Treasury.
AGENCY:
PO 00000
Frm 00184
Fmt 4703
Sfmt 4703
ACTION:
Notice.
The Department of the
Treasury (Treasury) is providing notice
to the public of the insurance
marketplace aggregate retention amount
(IMARA) for calendar year 2022 for
purposes of the Terrorism Risk
Insurance Program (TRIP or the
Program) under the Terrorism Risk
Insurance Act, as amended (TRIA or the
Act). As explained below, Treasury has
determined that the IMARA for calendar
year 2022 is $42,690,205,453.
DATES: The IMARA for calendar year
2022 is effective January 1, 2022
through December 31, 2022.
FOR FURTHER INFORMATION CONTACT:
Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, 202–622–2922 or
Sherry Rowlett, Program Analyst,
Federal Insurance Office, 202–622–
1890.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background
TRIA—which established TRIP—was
signed into law on November 26, 2002,
following the attacks of September 11,
2001, to address disruptions in the
market for terrorism risk insurance, to
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.1 TRIA
requires insurers to ‘‘make available’’
terrorism risk insurance for commercial
property and casualty losses resulting
from certified acts of terrorism, and
provides for shared public and private
compensation for such insured losses.
The Program has been reauthorized four
times, most recently by the Terrorism
Risk Insurance Program Reauthorization
Act of 2019.2 The Secretary of the
Treasury (Secretary) administers the
Program, with assistance from the
Federal Insurance Office (FIO).3
TRIA provides for an ‘‘industry
marketplace aggregate retention
1 Public Law 107–297, sec. 101(b), 116 Stat. 2322,
codified at 15 U.S.C. 6701 note. Because the
provisions of TRIA (as amended) appear in a note
instead of particular sections of the U.S. Code, the
provisions of TRIA are identified by the sections of
the law.
2 See Terrorism Risk Insurance Extension Act of
2005, Public Law 109–144, 119 Stat. 2660;
Terrorism Risk Insurance Program Reauthorization
Act of 2007, Public Law 110–160, 121 Stat. 1839;
Terrorism Risk Insurance Program Reauthorization
Act of 2015, Public Law 114–1, 129 Stat. 3 (2015
Reauthorization Act); Terrorism Risk Insurance
Program Reauthorization Act of 2019, Public Law
116–94, 133 Stat. 2534.
3 31 U.S.C. 313(c)(1)(D).
E:\FR\FM\23DEN1.SGM
23DEN1
Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Notices
amount’’ or ‘‘IMARA’’ to be used for
determining whether Treasury must
recoup any payments it makes under the
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 the 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 from 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 premiums (DEP) reported to
Treasury by insurers in Treasury’s
73101
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., 2020
DEP for 2021 calendar year).
Accordingly, for purposes of
determining the IMARA for calendar
2022, Treasury has averaged the
aggregate insurer deductibles for
calendar years 2021, 2020, and 2019 (as
reported to Treasury in each of these
years), which are based on the reported
DEP for calendar years 2020, 2019, and
2018, respectively.
For purposes of the 2022 IMARA
calculation, those figures are as follows:
TRIP-ELIGIBLE DEP BY INSURER CATEGORY 8
2019 TRIP data call
2018 DEP in
TRIP-eligible lines
2020 TRIP data call
% of
total
2019 DEP in
TRIP-eligible lines
2021 TRIP data call
% of
total
2020 DEP in
TRIP-eligible lines
% of
total
Alien Surplus Lines Ins ..................................
Captive Insurers .............................................
Non-Small Insurers ........................................
Small Insurers ................................................
$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
$11,043,111,847
10,534,614,720
175,272,463,804
22,156,599,520
5
5
80
10
Total ........................................................
205,260,038,430
100
216,086,253,473
100
219,006,789,891
100
Source: 2019–2021 TRIP Data Calls.
Treasury has used these reported
premiums to calculate the IMARA for
calendar year 2022. The average annual
DEP figure for the combined period of
2018, 2019, and 2020 is
$213,451,027,265 [($205,260,038,430 +
$216,086,253,473 + $219,006,789,891)/3
= $213,451,027,265]. The average
aggregate deductible for the prior three
years is 20 percent of $213,451,027,265,
which equals $42,690,205,453.9
Accordingly, the IMARA for purposes of
calendar year 2022 is $42,690,205,453.
Steven E. Seitz,
Director, Federal Insurance Office.
[FR Doc. 2021–27795 Filed 12–22–21; 8:45 am]
BILLING CODE 4810–AK–P
Comments must be received on
or before January 24, 2022.
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:
Title: Coronavirus Economic Relief for
Transportation Services.
OMB Control Number: 1505–0273.
Type of Review: Extension of a
currently approved collection.
Description: On December 27, 2020,
the President signed the Consolidated
preceding year. TRIA, sec. 102(7). For example, an
insurer’s calendar year 2021 Program deductible is
20 percent of its calendar year 2020 direct earned
premium.
7 See 84 FR 62450 (November 15, 2019) (Final
Rule).
8 The figures from the 2020 and 2019 TRIP data
calls (some figures may not add up on account of
rounding) were previously reported in the IMARA
calculation for calendar year 2021. See 85 FR 83159
(December 21, 2020). Figures from the 2021 TRIP
data call were previously reported in FIO’s June
2020 Small Insurer Study, as available at that time
and rounded. FIO, Study on the Competitiveness of
Small Insurers in the Terrorism Risk Insurance
Marketplace (June 2021), 17 (Figure 1), https://
home.treasury.gov/system/files/311/
2021TRIPSmallInsurerReportJune2021.pdf. The
figures from the 2021 TRIP data call as originally
reported in June 2020 have been updated to include
data received by FIO after the reporting deadline.
9 See note 7.
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Proposed Collection;
Comment Request; Coronavirus
Economic Relief for Transportation
Services.
Departmental Offices, U.S.
Department of the Treasury.
AGENCY:
ACTION:
Notice.
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
these requests.
SUMMARY:
jspears on DSK121TN23PROD with NOTICES1
DATES:
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
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20:50 Dec 22, 2021
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PO 00000
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ADDRESSES:
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]]>Agencies
[Federal Register Volume 86, Number 244 (Thursday, December 23, 2021)]
[Notices]
[Pages 73100-73101]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-27795]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
RIN 1505-AC62
IMARA Calculation for Calendar Year 2022 Under the Terrorism Risk
Insurance Program
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury (Treasury) is providing notice
to the public of the insurance marketplace aggregate retention amount
(IMARA) for calendar year 2022 for purposes of the Terrorism Risk
Insurance Program (TRIP or the Program) under the Terrorism Risk
Insurance Act, as amended (TRIA or the Act). As explained below,
Treasury has determined that the IMARA for calendar year 2022 is
$42,690,205,453.
DATES: The IMARA for calendar year 2022 is effective January 1, 2022
through December 31, 2022.
FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal Insurance Office, 202-622-2922 or
Sherry Rowlett, Program Analyst, Federal Insurance Office, 202-622-
1890.
SUPPLEMENTARY INFORMATION:
I. Background
TRIA--which established TRIP--was signed into law on November 26,
2002, following the attacks of September 11, 2001, to address
disruptions in the market for terrorism risk insurance, to 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.\1\ TRIA requires insurers to ``make
available'' terrorism risk insurance for commercial property and
casualty losses resulting from certified acts of terrorism, and
provides for shared public and private compensation for such insured
losses. The Program has been reauthorized four times, most recently by
the Terrorism Risk Insurance Program Reauthorization Act of 2019.\2\
The Secretary of the Treasury (Secretary) administers the Program, with
assistance from the Federal Insurance Office (FIO).\3\
---------------------------------------------------------------------------
\1\ Public Law 107-297, sec. 101(b), 116 Stat. 2322, codified at
15 U.S.C. 6701 note. Because the provisions of TRIA (as amended)
appear in a note instead of particular sections of the U.S. Code,
the provisions of TRIA are identified by the sections of the law.
\2\ See Terrorism Risk Insurance Extension Act of 2005, Public
Law 109-144, 119 Stat. 2660; Terrorism Risk Insurance Program
Reauthorization Act of 2007, Public Law 110-160, 121 Stat. 1839;
Terrorism Risk Insurance Program Reauthorization Act of 2015, Public
Law 114-1, 129 Stat. 3 (2015 Reauthorization Act); Terrorism Risk
Insurance Program Reauthorization Act of 2019, Public Law 116-94,
133 Stat. 2534.
\3\ 31 U.S.C. 313(c)(1)(D).
---------------------------------------------------------------------------
TRIA provides for an ``industry marketplace aggregate retention
[[Page 73101]]
amount'' or ``IMARA'' to be used for determining whether Treasury must
recoup any payments it makes under the 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 the discretionary authority (but not
the obligation) to recoup all of the expended amounts that are above
the IMARA threshold.\4\
---------------------------------------------------------------------------
\4\ See TRIA, sec. 103(e)(7); see also 31 CFR part 50, subpart J
(Recoupment and Surcharge Procedures).
---------------------------------------------------------------------------
TRIA provides for a schedule of defined IMARA values from 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\
---------------------------------------------------------------------------
\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 2021 Program deductible is 20 percent of its calendar
year 2020 direct earned premium.
---------------------------------------------------------------------------
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 premiums (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., 2020 DEP for 2021 calendar year).
---------------------------------------------------------------------------
\7\ See 84 FR 62450 (November 15, 2019) (Final Rule).
---------------------------------------------------------------------------
Accordingly, for purposes of determining the IMARA for calendar
2022, Treasury has averaged the aggregate insurer deductibles for
calendar years 2021, 2020, and 2019 (as reported to Treasury in each of
these years), which are based on the reported DEP for calendar years
2020, 2019, and 2018, respectively.
For purposes of the 2022 IMARA calculation, those figures are as
follows:
---------------------------------------------------------------------------
\8\ The figures from the 2020 and 2019 TRIP data calls (some
figures may not add up on account of rounding) were previously
reported in the IMARA calculation for calendar year 2021. See 85 FR
83159 (December 21, 2020). Figures from the 2021 TRIP data call were
previously reported in FIO's June 2020 Small Insurer Study, as
available at that time and rounded. FIO, Study on the
Competitiveness of Small Insurers in the Terrorism Risk Insurance
Marketplace (June 2021), 17 (Figure 1), https://home.treasury.gov/system/files/311/2021TRIPSmallInsurerReportJune2021.pdf. The figures
from the 2021 TRIP data call as originally reported in June 2020
have been updated to include data received by FIO after the
reporting deadline.
TRIP-Eligible DEP by Insurer Category \8\
--------------------------------------------------------------------------------------------------------------------------------------------------------
2019 TRIP data call 2020 TRIP data call 2021 TRIP data call
-----------------------------------------------------------------------------------------
2018 DEP in TRIP- % of 2019 DEP in TRIP- % of 2020 DEP in TRIP- % of
eligible lines total eligible lines total eligible lines total
--------------------------------------------------------------------------------------------------------------------------------------------------------
Alien Surplus Lines Ins....................................... $7,618,548,358 4 $11,149,972,542 5 $11,043,111,847 5
Captive Insurers.............................................. 8,937,119,082 4 9,083,384,310 4 10,534,614,720 5
Non-Small Insurers............................................ 166,188,192,378 81 172,970,757,331 80 175,272,463,804 80
Small Insurers................................................ 22,516,178,612 11 22,882,139,290 11 22,156,599,520 10
-----------------------------------------------------------------------------------------
Total..................................................... 205,260,038,430 100 216,086,253,473 100 219,006,789,891 100
--------------------------------------------------------------------------------------------------------------------------------------------------------
Source: 2019-2021 TRIP Data Calls.
Treasury has used these reported premiums to calculate the IMARA
for calendar year 2022. The average annual DEP figure for the combined
period of 2018, 2019, and 2020 is $213,451,027,265 [($205,260,038,430 +
$216,086,253,473 + $219,006,789,891)/3 = $213,451,027,265]. The average
aggregate deductible for the prior three years is 20 percent of
$213,451,027,265, which equals $42,690,205,453.\9\ Accordingly, the
IMARA for purposes of calendar year 2022 is $42,690,205,453.
---------------------------------------------------------------------------
\9\ See note 7.
Steven E. Seitz,
Director, Federal Insurance Office.
[FR Doc. 2021-27795 Filed 12-22-21; 8:45 am]
BILLING CODE 4810-AK-P
