81 FR 11649 - Study on the Overall Effectiveness of the Terrorism Risk Insurance Program
DEPARTMENT OF THE TREASURY Federal Register Volume 81, Issue 43 (March 4, 2016)
Federal Register Volume 81, Issue 43 (March 4, 2016)
| Page Range | 11649-11650 | |
| FR Document | 2016-04821 |
[Federal Register Volume 81, Number 43 (Friday, March 4, 2016)] [Notices] [Pages 11649-11650] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-04821] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Study on the Overall Effectiveness of the Terrorism Risk Insurance Program AGENCY: Departmental Offices, U.S. Department of the Treasury. ACTION: Request for data and information. ----------------------------------------------------------------------- SUMMARY: Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (Reauthorization Act) requires the Secretary of the Treasury (Secretary) to submit a report to the Congress addressing the overall effectiveness of the Terrorism Risk Insurance Program (Program) and trends the Secretary has observed within the Program. In order to assist the Secretary with the required report, Treasury requests that insurers submit certain insurance data and information regarding their participation in the Program. DATES: Data must be submitted not later than April 30, 2016. ADDRESSES: Participating insurers may submit the requested data and information after registration at a Web portal that has been established for this data collection. A link to the Web site where participating insurers can commence the registration process can be found at https://www.treasury.gov/resource-center/fin-mkts/Pages/program.aspx. FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance Regulatory Policy Analyst, Federal Insurance Office, Room 1410, Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622-2922 (this is not a toll-free number), or Kevin Meehan, Policy Advisor, Federal Insurance Office, 202-622-7009 (not a toll free number). 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 Section 111 directs the Secretary, beginning in calendar year 2016, to ``require insurers participating in the Program to submit to the Secretary such information regarding insurance coverage for terrorism losses of such insurers as the Secretary considers appropriate to analyze the effectiveness of the Program[.]'' This information and data includes information regarding: (1) Lines of insurance with exposure to such losses; (2) premiums earned on such coverage; (3) geographical location of exposures; (4) pricing of such coverage; (5) the take-up rate for such coverage; (6) the amount of private reinsurance for acts of terrorism purchased; and (7) such other matters as the Secretary considers appropriate. Treasury plans to issue a Notice of Proposed Rulemaking proposing rules that expand upon this requirement for the submission of data by participating insurers in the near future. Section 111 also requires the Secretary to ``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'' that includes: (1) An analysis of the overall effectiveness of the Program; (2) an evaluation of any changes or trends in the data collected by the Secretary; (3) an evaluation of whether any aspects of the Program have the effect of discouraging or impeding insurers from providing commercial property casualty insurance coverage or coverage for acts of terrorism; (4) an evaluation of the impact of the Program on workers' compensation insurers; and (5) in the case of the data collected by the Secretary regarding premiums earned on insurance coverage for terrorism losses, an estimate of the total amount earned by insurers since January 1, 2003. The initial report under this requirement is to be submitted not later than June 30, 2016. II. Solicitation for Data Treasury must start collecting data for the initial report required under section 111 before Treasury is able to review comments on proposed regulations concerning data collection, including whether it has properly estimated the level of burden that this collection imposes. Based on interaction with stakeholders, Treasury anticipates that most participating insurers will be able to respond to this solicitation with all of the requested data in that the data requested, and the form in which the data is requested, conforms to industry's current practice. In order to avoid inadvertently imposing an unanticipated level of burden on participating insurers without due consideration, Treasury is requesting, and not requiring, that participating insurers submit the data enumerated in the section 111 data collection authorized under this emergency approval. Making this collection voluntary also identifies to all participating insurers the types of information that Treasury will likely seek in future collections under section 111 and provides time to the extent necessary for insurers to make any adjustments to ease the burden of compliance with such collections. Treasury, through an insurance statistical aggregator, has established the web portal identified above, through which insurers will be able to submit the requested data. All information submitted via the web portal is subject to the confidentiality and data protection provisions of section 111 as well as to section 552 of title 5, United States Code, including any exceptions thereunder. In accordance with the Paperwork Reduction Act, (44 U.S.C 3501 et seq.), the information collected through the web portal has been approved by the Office of Management and Budget (OMB) under control number 1505- 0253. Treasury does not anticipate further requests for [[Page 11650]] information using this form during the approval period arising from emergency clearance, except as may be necessary to seek clarification respecting any responses that are provided. An agency may not conduct or sponsor and a person is not required to respond to a collection of information unless it displays a valid OMB control number. Michael T. McRaith, Director, Federal Insurance Office. [FR Doc. 2016-04821 Filed 3-3-16; 8:45 am] BILLING CODE 4810-25-P
![Federal Register / Vol. 81, No. 43 / Friday, March 4, 2016 / Notices 11649
Andorran banking supervisory Program. In order to assist the Secretary the data collected by the Secretary; (3)
authorities. Vall Banc will not employ with the required report, Treasury an evaluation of whether any aspects of
the high-level BPA managers described requests that insurers submit certain the Program have the effect of
in FinCEN’s Notice of Finding. In insurance data and information discouraging or impeding insurers from
addition, any other person who has regarding their participation in the providing commercial property casualty
been or may be identified as related to Program. insurance coverage or coverage for acts
the issues described in the Notice of DATES: Data must be submitted not later of terrorism; (4) an evaluation of the
Finding will not be employed at Vall than April 30, 2016. impact of the Program on workers’
Banc. compensation insurers; and (5) in the
ADDRESSES: Participating insurers may
After the good assets, liabilities, and case of the data collected by the
submit the requested data and
clients are transferred from BPA to Vall Secretary regarding premiums earned on
information after registration at a Web
Banc, BPA will remain under the insurance coverage for terrorism losses,
portal that has been established for this
control of AREB. FinCEN understands an estimate of the total amount earned
data collection. A link to the Web site
that BPA will not be reactivated as an by insurers since January 1, 2003. The
where participating insurers can
operational financial institution at any initial report under this requirement is
commence the registration process can
point except to facilitate the finalization to be submitted not later than June 30,
be found at https://www.treasury.gov/
of the resolution process. AREB, in 2016.
resource-center/fin-mkts/Pages/
coordination with other authorities in program.aspx. II. Solicitation for Data
Andorra, ultimately intends to liquidate
BPA following the resolution of judicial FOR FURTHER INFORMATION CONTACT: Treasury must start collecting data for
proceedings in Andorra and other Richard Ifft, Senior Insurance the initial report required under section
jurisdictions. Regulatory Policy Analyst, Federal 111 before Treasury is able to review
Insurance Office, Room 1410, comments on proposed regulations
IV. Withdrawal of the Finding Department of the Treasury, 1500 concerning data collection, including
Because of these subsequent Pennsylvania Avenue NW., Washington, whether it has properly estimated the
developments, BPA no longer operates DC 20220, at (202) 622–2922 (this is not level of burden that this collection
in a manner that poses a money a toll-free number), or Kevin Meehan, imposes. Based on interaction with
laundering threat to the U.S. financial Policy Advisor, Federal Insurance stakeholders, Treasury anticipates that
system. FinCEN has determined that the Office, 202–622–7009 (not a toll free most participating insurers will be able
steps taken by the authorities in number). Persons who have difficulty to respond to this solicitation with all of
Andorra sufficiently protect the U.S. hearing or speaking may access these the requested data in that the data
financial system from the money numbers via TTY by calling the toll-free requested, and the form in which the
laundering risks previously associated Federal Relay Service at (800) 877–8339. data is requested, conforms to industry’s
with BPA. FinCEN therefore has SUPPLEMENTARY INFORMATION: current practice. In order to avoid
determined that BPA no longer is a inadvertently imposing an
I. Background unanticipated level of burden on
primary money laundering concern and
will not impose any special measures Section 111 directs the Secretary, participating insurers without due
under Section 311 with respect to BPA. beginning in calendar year 2016, to consideration, Treasury is requesting,
For these reasons, FinCEN hereby ‘‘require insurers participating in the and not requiring, that participating
withdraws its finding that BPA is of Program to submit to the Secretary such insurers submit the data enumerated in
primary money laundering concern information regarding insurance the section 111 data collection
published on March 13, 2015, and coverage for terrorism losses of such authorized under this emergency
announced on March 10, 2015. insurers as the Secretary considers approval. Making this collection
appropriate to analyze the effectiveness voluntary also identifies to all
Jamal El-Hindi, of the Program[.]’’ This information and participating insurers the types of
Deputy Director, Financial Crimes data includes information regarding: (1) information that Treasury will likely
Enforcement Network. Lines of insurance with exposure to seek in future collections under section
[FR Doc. 2016–04767 Filed 3–3–16; 8:45 am] such losses; (2) premiums earned on 111 and provides time to the extent
BILLING CODE 4810–02–P such coverage; (3) geographical location necessary for insurers to make any
of exposures; (4) pricing of such adjustments to ease the burden of
coverage; (5) the take-up rate for such compliance with such collections.
DEPARTMENT OF THE TREASURY coverage; (6) the amount of private Treasury, through an insurance
reinsurance for acts of terrorism statistical aggregator, has established the
Study on the Overall Effectiveness of purchased; and (7) such other matters as web portal identified above, through
the Terrorism Risk Insurance Program the Secretary considers appropriate. which insurers will be able to submit
AGENCY: Departmental Offices, U.S. Treasury plans to issue a Notice of the requested data. All information
Department of the Treasury. Proposed Rulemaking proposing rules submitted via the web portal is subject
ACTION: Request for data and that expand upon this requirement for to the confidentiality and data
information. the submission of data by participating protection provisions of section 111 as
insurers in the near future. well as to section 552 of title 5, United
SUMMARY: Section 111 of the Terrorism Section 111 also requires the States Code, including any exceptions
Risk Insurance Program Reauthorization Secretary to ‘‘submit a report to the thereunder. In accordance with the
jstallworth on DSK7TPTVN1PROD with NOTICES
Act of 2015 (Reauthorization Act) Committee on Financial Services of the Paperwork Reduction Act, (44 U.S.C
requires the Secretary of the Treasury House of Representatives and the 3501 et seq.), the information collected
(Secretary) to submit a report to the Committee on Banking, Housing, and through the web portal has been
Congress addressing the overall Urban Affairs of the Senate’’ that approved by the Office of Management
effectiveness of the Terrorism Risk includes: (1) An analysis of the overall and Budget (OMB) under control
Insurance Program (Program) and trends effectiveness of the Program; (2) an number 1505–0253. Treasury does not
the Secretary has observed within the evaluation of any changes or trends in anticipate further requests for
VerDate Sep<11>2014 15:22 Mar 03, 2016 Jkt 238001 PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 E:\FR\FM\04MRN1.SGM 04MRN1](https://thefederalregister.org/doc/81_FR_11692/page/1.svg)
![11650 Federal Register / Vol. 81, No. 43 / Friday, March 4, 2016 / Notices
information using this form during the responses that are provided. An agency collection of information unless it
approval period arising from emergency may not conduct or sponsor and a displays a valid OMB control number.
clearance, except as may be necessary to person is not required to respond to a Michael T. McRaith,
seek clarification respecting any
Director, Federal Insurance Office.
[FR Doc. 2016–04821 Filed 3–3–16; 8:45 am]
BILLING CODE 4810–25–P
jstallworth on DSK7TPTVN1PROD with NOTICES
VerDate Sep<11>2014 15:22 Mar 03, 2016 Jkt 238001 PO 00000 Frm 00143 Fmt 4703 Sfmt 9990 E:\FR\FM\04MRN1.SGM 04MRN1](https://thefederalregister.org/doc/81_FR_11692/page/2.svg)
Document Created: 2018-02-02 15:05:29
Document Modified: 2018-02-02 15:05:29
| 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 | Request for data and information. | |
| Dates | Data must be submitted not later than April 30, 2016. | |
| Contact | Richard Ifft, Senior Insurance Regulatory Policy Analyst, Federal Insurance Office, Room 1410, Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622-2922 (this is not a toll-free number), or Kevin Meehan, Policy Advisor, Federal Insurance Office, 202-622-7009 (not a toll free number). 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. | |
| FR Citation | 81 FR 11649 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR