80 FR 21802 - Advisory Committee on Risk-Sharing Mechanisms To Voluntarily Reinsure Against Losses From Acts of Terrorism

DEPARTMENT OF THE TREASURY

Federal Register Volume 80, Issue 75 (April 20, 2015)

Page Range		21802-21802
FR Document		2015-08978

The Department of the Treasury (Treasury) seeks applications from individuals who wish to serve on the advisory committee on risk- sharing mechanisms to voluntarily reinsure against losses from acts of terrorism in order to encourage the growth of nongovernmental, private market reinsurance capacity for protection against losses from acts of terrorism.

Federal Register, Volume 80 Issue 75 (Monday, April 20, 2015)

[Federal Register Volume 80, Number 75 (Monday, April 20, 2015)]
[Notices]
[Page 21802]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-08978]


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DEPARTMENT OF THE TREASURY


Advisory Committee on Risk-Sharing Mechanisms To Voluntarily 
Reinsure Against Losses From Acts of Terrorism

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury (Treasury) seeks applications 
from individuals who wish to serve on the advisory committee on risk-
sharing mechanisms to voluntarily reinsure against losses from acts of 
terrorism in order to encourage the growth of nongovernmental, private 
market reinsurance capacity for protection against losses from acts of 
terrorism.

DATES: Application due date: May 20, 2015.

FOR FURTHER INFORMATION CONTACT: Brett D. Hewitt, Policy Advisor, 
Federal Insurance Office, Room 1410, Department of the Treasury, 1500 
Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622-5892 (this 
is not a toll-free number). Persons who have difficulty hearing or 
speaking may access this number via TTY by calling the toll-free 
Federal Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: Pursuant to section 110 of the Terrorism 
Risk Insurance Program Reauthorization Act of 2015,\1\ and the Federal 
Advisory Committee Act,\2\ Treasury established the advisory committee 
on risk-sharing mechanisms to voluntarily reinsure against losses from 
acts of terrorism (Advisory Committee). In general, the Advisory 
Committee serves to present advice and recommendations to the Federal 
Insurance Office (FIO) with respect to the creation and development of 
nongovernmental risk-sharing mechanisms that encourage the growth of 
private market reinsurance capacity for protection against losses 
arising from acts of terrorism. Under the Federal Insurance Office Act 
of 2010, FIO has the authority to assist the Secretary of the Treasury 
in administering the Terrorism Risk Insurance Program.\3\
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    \1\ Pub. L. 114-1, Sec.  110.
    \2\ 5 U.S.C. App. 2, Sec.  1-16, as amended.
    \3\ 31 U.S.C. 313(c)(1)(D).
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 I. Scope and Membership of the Advisory Committee

    The Advisory Committee was established to provide an opportunity 
for directors, officers, or other employees of insurers, reinsurers, or 
capital market participants that are participating or that desire to 
participate in nongovernmental risk-sharing mechanisms related to 
terrorism risk, to periodically offer views directly to FIO. The duties 
of the Advisory Committee shall be solely advisory, and any advice and 
recommendations of the Advisory Committee shall not be binding on FIO.
    The Advisory Committee is a nine-member committee.

II. Application for Advisory Committee

    Treasury seeks applications from directors, officers, or other 
employees of insurers, reinsurers, or capital market participants that 
are participating or that desire to participate in nongovernmental 
risk-sharing mechanisms related to reinsurance for losses arising from 
acts of terrorism.
    To apply, an applicant must submit an appropriately detailed 
resum[eacute] and a cover letter that includes a brief description of 
the applicant's reason for applying. An applicant must state in the 
applicant's materials that he or she agrees to submit to a pre-
appointment tax and criminal background investigation in accordance 
with Treasury Directive 21-03. Applications should be addressed to 
Brett Hewitt and sent via email to Brett.Hewitt@treasury.gov. The 
deadline for submitting applications is May 20, 2015.

Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2015-08978 Filed 4-17-15; 8:45 am]
 BILLING CODE 4810-25-P

21802 Federal Register / Vol. 80, No. 75 / Monday, April 20, 2015 / Notices

DC 20224 or through the Internet at information to be collected; (d) ways to of private market reinsurance capacity
Martha.R.Brinson@irs.gov. minimize the burden of the collection of for protection against losses arising from
SUPPLEMENTARY INFORMATION: information on respondents, including acts of terrorism. Under the Federal
Title: Miscellaneous Sections Affected through the use of automated collection Insurance Office Act of 2010, FIO has
by the Taxpayer Bill of Rights 2 and the techniques or other forms of information the authority to assist the Secretary of
Personal Responsibility and Work technology; and (e) estimates of capital the Treasury in administering the
Opportunity Reconciliation Act of 1996. or start-up costs and costs of operation, Terrorism Risk Insurance Program.3
OMB Number: 1545–1356. maintenance, and purchase of services I. Scope and Membership of the
Regulation Project Number: TD 8725. to provide information. Advisory Committee
Abstract: Under Internal Revenue Approved: April 14, 2015.
Code section 7430 a prevailing party The Advisory Committee was
Christie A. Preston, established to provide an opportunity
may recover the reasonable IRS Reports Clearance Officer.
administrative or litigation costs for directors, officers, or other
[FR Doc. 2015–08905 Filed 4–17–15; 8:45 am] employees of insurers, reinsurers, or
incurred in an administrative or civil
proceeding that relates to the
BILLING CODE 4830–01–P capital market participants that are
determination, collection, or refund of participating or that desire to participate
any tax, interest, or penalty. Section in nongovernmental risk-sharing
DEPARTMENT OF THE TREASURY mechanisms related to terrorism risk, to
301.7430–2(c) of the regulation provides
that the IRS will not award periodically offer views directly to FIO.
Advisory Committee on Risk-Sharing The duties of the Advisory Committee
administrative costs under section 7430 Mechanisms To Voluntarily Reinsure
unless the taxpayer files a written shall be solely advisory, and any advice
Against Losses From Acts of and recommendations of the Advisory
request in accordance with the Terrorism
requirements of the regulation. Committee shall not be binding on FIO.
AGENCY: Departmental Offices, U.S. The Advisory Committee is a nine-
Current Actions: There is no change to
Department of the Treasury. member committee.
this existing regulation.
Type of Review: Extension of a ACTION: Notice. II. Application for Advisory Committee
currently approved collection. Treasury seeks applications from
SUMMARY: The Department of the
Affected Public: Individuals or directors, officers, or other employees of
Treasury (Treasury) seeks applications
households, and business or other for- insurers, reinsurers, or capital market
from individuals who wish to serve on
profit organizations, not-for-profit participants that are participating or that
the advisory committee on risk-sharing
institutions, farms, and the Federal desire to participate in
mechanisms to voluntarily reinsure
government. nongovernmental risk-sharing
against losses from acts of terrorism in
Estimated Number of Respondents: mechanisms related to reinsurance for
order to encourage the growth of
38. losses arising from acts of terrorism.
nongovernmental, private market
Estimated Time per Respondent: 2 To apply, an applicant must submit
reinsurance capacity for protection
hours, 16 minutes. an appropriately detailed resumé and a
against losses from acts of terrorism.
Estimated Total Annual Burden cover letter that includes a brief
Hours: 86. DATES: Application due date: May 20,
description of the applicant’s reason for
The following paragraph applies to all 2015.
applying. An applicant must state in the
of the collections of information covered FOR FURTHER INFORMATION CONTACT: applicant’s materials that he or she
by this notice: Brett D. Hewitt, Policy Advisor, Federal agrees to submit to a pre-appointment
An agency may not conduct or Insurance Office, Room 1410, tax and criminal background
sponsor, and a person is not required to Department of the Treasury, 1500 investigation in accordance with
respond to, a collection of information Pennsylvania Avenue NW., Washington, Treasury Directive 21–03. Applications
unless the collection of information DC 20220, at (202) 622–5892 (this is not should be addressed to Brett Hewitt and
displays a valid OMB control number. a toll-free number). Persons who have sent via email to Brett.Hewitt@
Books or records relating to a collection difficulty hearing or speaking may treasury.gov. The deadline for
of information must be retained as long access this number via TTY by calling submitting applications is May 20, 2015.
as their contents may become material the toll-free Federal Relay Service at
in the administration of any internal (800) 877–8339. Michael T. McRaith,
revenue law. Generally, tax returns and SUPPLEMENTARY INFORMATION: Pursuant
Director, Federal Insurance Office.
tax return information are confidential, to section 110 of the Terrorism Risk [FR Doc. 2015–08978 Filed 4–17–15; 8:45 am]
as required by 26 U.S.C. 6103. Insurance Program Reauthorization Act BILLING CODE 4810–25–P
Request for Comments: Comments of 2015,1 and the Federal Advisory
submitted in response to this notice will Committee Act,2 Treasury established
be summarized and/or included in the the advisory committee on risk-sharing U.S.-CHINA ECONOMIC AND
request for OMB approval. All mechanisms to voluntarily reinsure SECURITY REVIEW COMMISSION
comments will become a matter of against losses from acts of terrorism
public record. Comments are invited on: (Advisory Committee). In general, the Notice of Open Public Hearing
(a) Whether the collection of Advisory Committee serves to present AGENCY: U.S.-China Economic and
mstockstill on DSK4VPTVN1PROD with NOTICES

information is necessary for the proper advice and recommendations to the Security Review Commission.
performance of the functions of the Federal Insurance Office (FIO) with ACTION: Notice of open public hearing—
agency, including whether the respect to the creation and development April 22, 2015, Washington, DC.
information shall have practical utility; of nongovernmental risk-sharing
(b) the accuracy of the agency’s estimate mechanisms that encourage the growth SUMMARY: Notice is hereby given of the
of the burden of the collection of following hearing of the U.S.-China
information; (c) ways to enhance the 1 Pub. L. 114–1, § 110.
quality, utility, and clarity of the 25 U.S.C. App. 2, § 1–16, as amended. 3 31 U.S.C. 313(c)(1)(D).

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Document Created: 2018-02-21 10:12:41
Document Modified: 2018-02-21 10:12:41

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice.
Dates		Application due date: May 20, 2015.
Contact		Brett D. Hewitt, Policy Advisor, Federal Insurance Office, Room 1410, Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622-5892 (this is not a toll-free number). Persons who have difficulty hearing or speaking may access this number via TTY by calling the toll-free Federal Relay Service at (800) 877-8339.
FR Citation		80 FR 21802