2022 Report on the Effectiveness of the Terrorism Risk Insurance Program, 18473-18474 [2022-06681]
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Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices
The following paragraph applies to all
of the collections of information covered
by this notice:
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.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. Comments
will be 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
burden of the collection of information;
(c) ways to enhance the quality, utility,
and clarity of the information to be
collected; (d) ways to minimize the
burden of the collection of information
on 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.
Approved: March 23, 2022.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2022–06624 Filed 3–29–22; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
2022 Report on the Effectiveness of
the Terrorism Risk Insurance Program
Departmental Offices,
Department of the Treasury.
ACTION: Request for comment.
AGENCY:
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Jkt 256001
Submit comments on or before
May 16, 2022.
DATES:
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 2022 report
on the effectiveness of the Terrorism
Risk Insurance Program should be
captioned with ‘‘2022 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.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
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, 2022
concerning, in general, the overall
effectiveness of TRIP. 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
insurance sector and other stakeholders
on the statutory factors to be analyzed
in the report, as well as feedback on
SUMMARY:
other issues relating to the effectiveness
of TRIP.
Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, (202) 622–2922,
Sherry Rowlett, Program Analyst,
Federal Insurance Office, (202) 622–
1890, Jeremiah Pam, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, (202) 622–7009, or
Saurav Banerjee, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, (202) 622–5330.
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:
PO 00000
Frm 00124
Fmt 4703
Sfmt 4703
18473
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 periodically 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
(Effectiveness Report). TRIA was
reauthorized in December 2019 with an
additional requirement that Treasury’s
Effectiveness Reports analyze the
availability and affordability of
terrorism risk insurance, including
specifically for houses of worship. The
Effectiveness Report that is to be
submitted by June 30, 2022 will include
an analysis of information that is being
collected by Treasury through the 2022
TRIP Data Call,2 as well as data that
Treasury collected in prior TRIP Data
Calls. Treasury’s data calls are
conducted to obtain information to
facilitate Treasury’s analysis of the
effectiveness of TRIP and the
competitiveness of small insurers in the
terrorism risk insurance marketplace,3
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 relating to
the data Treasury collects in its annual
TRIP Data Calls, and the implications of
such observations with regard to the
effectiveness of TRIP;
4. Whether any aspects of TRIP have
the effect of discouraging or impeding
insurers from providing one or more
lines of commercial property and
casualty insurance coverage or coverage
for acts of terrorism; and
1 Public Law 107–297, 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 United States Code, the
provisions of TRIA are identified by the sections of
the law.
2 Terrorism Risk Insurance Program 2022 Data
Call, 86 FR 64600 (November 18, 2021) (identifying
proposed changes to 2022 TRIP Data Call).
3 TRIA section 108(h).
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18474
Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices
5. Any impact of TRIP on workers’
compensation insurers in particular.
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. Information and views
of stakeholders on the factors listed
above will assist Treasury in the
formulation of the Effectiveness Report
and provide meaningful opportunity for
stakeholder engagement. In addition,
and more generally, such public input
may assist the Secretary in the
administration of TRIP.
In addition to seeking comments on
the above factors outlined in Section
104(h)(2) of TRIA, Treasury understands
that other issues and factors in the
insurance market relating to terrorism
risk insurance, in addition to those
factors specified in TRIA, could have an
impact on the effectiveness of the
Program. Treasury accordingly also
seeks comments on the following topics:
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General Questions
1. Whether any lines of insurance or
coverages within certain lines of
insurance currently subject to the
Program no longer require the support
of TRIP to ensure the availability and
affordability of terrorism risk insurance;
2. Whether any lines of insurance or
coverages within certain lines of
insurance currently not subject to the
Program should be included within
TRIP to promote the availability and
affordability of terrorism risk insurance;
3. Whether, and in what fashion,
insurance market changes associated
with the impact of the COVID–19
pandemic have also affected the market
for terrorism risk insurance;
4. The availability of terrorism risk
insurance coverage for losses arising
from nuclear, biological, chemical, or
radiological (NBCR) exposures, and the
availability of reinsurance or capital
markets support for such terrorism risk
insurance;
Cyber-Related Questions
5. The current state of the cyber
insurance market, including the scope
of coverage available, the availability
and affordability of such coverage, and
the effect of ransomware-related losses
on the market;
6. Terrorism risk insurance issues
presented by cyber-related losses, and
the impact of TRIP in connection with
such exposures, including views on
cyber-related terrorism losses that are
included within TRIP and those losses
outside of TRIP;
7. Any potential changes to TRIA or
TRIP that would encourage the take up
VerDate Sep<11>2014
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Jkt 256001
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 and
revisions to the current sharing
mechanisms for cyber-related losses;
8. The availability of reinsurance or
capital markets support for cyber-related
losses arising from acts of terrorism as
defined under TRIA;
Other Questions
9. The manner in which captive
insurers access TRIP, including the
extent to which coverage is provided on
a standalone versus embedded basis, or
for NBCR risks only, and the reasons
behind such choices;
10. The current status of terrorism risk
modeling capabilities, and the use of
those techniques in the placement of
terrorism risk insurance;
11. Given the increasing availability
of more granular information than state
or metropolitan level information (such
as ZIP code level or geocoded
information), please provide views on
how FIO could leverage such
information to further augment its
analysis of the terrorism risk insurance
market and TRIP, particularly since the
immediate physical impact of
individual terrorism-related events may
be localized; and
12. 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
report.
Steven E. Seitz,
Director, Federal Insurance Office.
[FR Doc. 2022–06681 Filed 3–29–22; 8:45 am]
BILLING CODE 4810–AK–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Proposed Collection;
Comment Request; State Small
Business Credit Initiative
Departmental Offices,
Department of the Treasury.
ACTION: Notice.
AGENCY:
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 comment on
the proposed information collections
listed below, in accordance with the
Paperwork Reduction Act of 1995.
DATES: Written comments must be
received on or before May 31, 2022.
ADDRESSES: Send comments regarding
the burden estimate, or any other aspect
SUMMARY:
PO 00000
Frm 00125
Fmt 4703
Sfmt 4703
of the information collection, including
suggestions for reducing the burden, by
the following method:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Refer to Docket Number TREAS–DO–
2022–0009 and the specific Office of
Management and Budget (OMB) control
number 1505–0227.
FOR FURTHER INFORMATION CONTACT:
Jeffrey Stout, State Small Business
Credit Initiative (SSBCI), at (866) 220–
9050 or ssbci_information@treasury.gov.
Further information may be obtained
from the SSBCI website, https://
home.treasury.gov/policy-issues/smallbusiness-programs/state-small-businesscredit-initiative-ssbci, or by contacting
ssbci_information@treasury.gov.
SUPPLEMENTARY INFORMATION:
Title: State Small Business Credit
Initiative Information Collection
Activities.
OMB Control Number: 1505–0227.
Type of Review: Revision of currently
approved information collection
activities.
Description: This information
collection captures information related
to the State Small Business Credit
Initiative (SSBCI). The American Rescue
Plan Act of 2021 (ARPA) reauthorized
and amended the Small Business Jobs
Act of 2010 (SBJA) to provide $10
billion to fund the SSBCI as a response
to the economic effects of the COVID–
19 pandemic.1 SSBCI is a federal
program administered by the U.S.
Department of the Treasury (Treasury)
that was created to strengthen the
programs of eligible jurisdictions (i.e.,
states, the District of Columbia,
territories, Tribal governments) that
support private financing for small
businesses.
• Capital Program Application. In
order to determine the eligibility of
jurisdictions to receive SSBCI funds for
capital programs, Treasury must collect
the following types of information in an
application: Points of contact for the
eligible jurisdiction and those
administering the program; how the
eligible jurisdiction plans to use the
funds to provide access to capital for
businesses in underserved communities;
details on the eligible jurisdiction’s
proposed capital programs; how the
proposed capital programs comply with
the SSBCI statute, regulations, and
guidance; and the eligible jurisdiction’s
compliance and oversight capabilities.
Treasury will collect application
1 ARPA, Public Law 117–2, sec. 3301, codified at
12 U.S.C. 5701 et seq. SSBCI was originally
established in Title III of the Small Business Jobs
Act of 2010.
E:\FR\FM\30MRN1.SGM
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]]>Agencies
[Federal Register Volume 87, Number 61 (Wednesday, March 30, 2022)]
[Notices]
[Pages 18473-18474]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06681]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
2022 Report on the Effectiveness of the Terrorism Risk Insurance
Program
AGENCY: Departmental Offices, 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, 2022 concerning, in general, the overall
effectiveness of TRIP. 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 insurance sector and
other stakeholders on the statutory factors to be analyzed in the
report, as well as feedback on other issues relating to the
effectiveness of TRIP.
DATES: Submit comments on or before May 16, 2022.
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 2022
report on the effectiveness of the Terrorism Risk Insurance Program
should be captioned with ``2022 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,
Sherry Rowlett, Program Analyst, Federal Insurance Office, (202) 622-
1890, Jeremiah Pam, Senior Insurance Regulatory Policy Analyst, Federal
Insurance Office, (202) 622-7009, or Saurav Banerjee, Senior Insurance
Regulatory Policy Analyst, Federal Insurance Office, (202) 622-5330.
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 periodically 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 (Effectiveness Report). TRIA was reauthorized in
December 2019 with an additional requirement that Treasury's
Effectiveness Reports analyze the availability and affordability of
terrorism risk insurance, including specifically for houses of worship.
The Effectiveness Report that is to be submitted by June 30, 2022 will
include an analysis of information that is being collected by Treasury
through the 2022 TRIP Data Call,\2\ as well as data that Treasury
collected in prior TRIP Data Calls. Treasury's data calls are conducted
to obtain information to facilitate Treasury's analysis of the
effectiveness of TRIP and the competitiveness of small insurers in the
terrorism risk insurance marketplace,\3\ as well as to assist Treasury
more generally in the administration of TRIP.
---------------------------------------------------------------------------
\1\ Public Law 107-297, 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 United States Code, the
provisions of TRIA are identified by the sections of the law.
\2\ Terrorism Risk Insurance Program 2022 Data Call, 86 FR 64600
(November 18, 2021) (identifying proposed changes to 2022 TRIP Data
Call).
\3\ TRIA section 108(h).
---------------------------------------------------------------------------
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 relating to the data Treasury collects in
its annual TRIP Data Calls, and the implications of such observations
with regard to the effectiveness of TRIP;
4. Whether any aspects of TRIP have the effect of discouraging or
impeding insurers from providing one or more lines of commercial
property and casualty insurance coverage or coverage for acts of
terrorism; and
[[Page 18474]]
5. Any impact of TRIP on workers' compensation insurers in
particular.
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. Information and
views of stakeholders on the factors listed above will assist Treasury
in the formulation of the Effectiveness Report and provide meaningful
opportunity for stakeholder engagement. In addition, and more
generally, such public input may assist the Secretary in the
administration of TRIP.
In addition to seeking comments on the above factors outlined in
Section 104(h)(2) of TRIA, Treasury understands that other issues and
factors in the insurance market relating to terrorism risk insurance,
in addition to those factors specified in TRIA, could have an impact on
the effectiveness of the Program. Treasury accordingly also seeks
comments on the following topics:
General Questions
1. Whether any lines of insurance or coverages within certain lines
of insurance currently subject to the Program no longer require the
support of TRIP to ensure the availability and affordability of
terrorism risk insurance;
2. Whether any lines of insurance or coverages within certain lines
of insurance currently not subject to the Program should be included
within TRIP to promote the availability and affordability of terrorism
risk insurance;
3. Whether, and in what fashion, insurance market changes
associated with the impact of the COVID-19 pandemic have also affected
the market for terrorism risk insurance;
4. The availability of terrorism risk insurance coverage for losses
arising from nuclear, biological, chemical, or radiological (NBCR)
exposures, and the availability of reinsurance or capital markets
support for such terrorism risk insurance;
Cyber-Related Questions
5. The current state of the cyber insurance market, including the
scope of coverage available, the availability and affordability of such
coverage, and the effect of ransomware-related losses on the market;
6. Terrorism risk insurance issues presented by cyber-related
losses, and the impact of TRIP in connection with such exposures,
including views on cyber-related terrorism losses that are included
within TRIP and those losses outside of TRIP;
7. Any potential changes to TRIA or TRIP 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 and revisions to
the current sharing mechanisms for cyber-related losses;
8. The availability of reinsurance or capital markets support for
cyber-related losses arising from acts of terrorism as defined under
TRIA;
Other Questions
9. The manner in which captive insurers access TRIP, including the
extent to which coverage is provided on a standalone versus embedded
basis, or for NBCR risks only, and the reasons behind such choices;
10. The current status of terrorism risk modeling capabilities, and
the use of those techniques in the placement of terrorism risk
insurance;
11. Given the increasing availability of more granular information
than state or metropolitan level information (such as ZIP code level or
geocoded information), please provide views on how FIO could leverage
such information to further augment its analysis of the terrorism risk
insurance market and TRIP, particularly since the immediate physical
impact of individual terrorism-related events may be localized; and
12. 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 report.
Steven E. Seitz,
Director, Federal Insurance Office.
[FR Doc. 2022-06681 Filed 3-29-22; 8:45 am]
BILLING CODE 4810-AK-P
