81 FR 12784 - Proposed Collection; Comment Request

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 47 (March 10, 2016)

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 an extension of an existing information collection, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).

[Federal Register Volume 81, Number 47 (Thursday, March 10, 2016)]
[Notices]
[Pages 12784-12785]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05364]


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DEPARTMENT OF THE TREASURY


Proposed Collection; Comment Request

AGENCY: Departmental Offices, Treasury.

ACTION: Notice and request for comments.

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[[Page 12785]]

SUMMARY: 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 an extension of an 
existing information collection, as required by the Paperwork Reduction 
Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).

DATES: Written comments should be received on or before May 9, 2016 to 
be assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to Treasury PRA Clearance Officer, 1750 
Pennsylvania Ave. NW., Suite 8117, Washington, DC 20220, or email at 
[email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Treasury PRA Clearance Officer, 1750 Pennsylvania 
Ave. NW., Suite 8117, Washington, DC 20220, or email at 
[email protected].

SUPPLEMENTARY INFORMATION:
    OMB Control Number: 1505-NEW.
    Title: Collection of Data From Property and Casualty Insurers for a 
Report on the Effectiveness of the Terrorism Risk Insurance Program.
    Abstract: This information collection is made necessary by the 
provisions of the Terrorism Risk Insurance Program Reauthorization Act 
of 2015 (Pub. L. 114-1, 129 Stat. 3). Title I of the Terrorism Risk 
Insurance Act of 2002 (Pub. L. 107-297, 116 Stat. 2322) (the Act) 
establishes a temporary federal program of shared public and private 
compensation for insured commercial property and casualty losses 
resulting from an act of terrorism. The Act authorizes Treasury to 
administer and implement the Terrorism Risk Insurance Program 
(Program), including the issuance of regulations and procedures. The 
Program provides a federal backstop for insured losses from an act of 
terrorism. Although the Program was originally set to expire on 
December 31, 2005, it has now been extended and amended on three 
occasions; most recently, 2015 Reauthorization Act extended the Program 
through December 31, 2020. Section 111 of the 2015 Reauthorization Act 
provides that the Secretary of the Treasury, commencing in the calendar 
year beginning on January 1, 2016, shall require insurers participating 
in the Program to submit information regarding insurance coverage for 
terrorism losses in order to analyze the effectiveness of the Program. 
Section 111(h)(2) of the 2015 Reauthorization Act requires the 
Secretary to submit a report by June 30, 2016 to Committees of the 
House of Representatives and of the Senate on the overall effectiveness 
of the Program, among other things. Proposed rules addressing data 
collection are now pending OMB review. Treasury sought emergency 
clearance and review for the 2016 data collection only, as the normal 
public review and comment processes will not permit the collection of 
data under the proposed rules in time for Treasury to complete a June 
30, 2016 Report to Congress. Treasury intends to make the initial 
request voluntary on the part of participating insurers. Each entity 
that meets the Act's definition of insurer (based upon existing 
information, over 2000 individual firms, within approximately 800 
separate insurance groups) must participate in the Program.
    Type of Review: New collection.
    Affected Public: Businesses or other for-profits.
    Estimated Number of Respondents: 300.
    Estimated Total Annual Burden Hours: 10,000.
    Request for Comment: Comments submitted in response to this notice 
will be summarized and included in the request for Office of Management 
and Budget approval. Comments may become a matter of public record. The 
public is invited to submit comments concerning: (a) Whether the 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have 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 
respondents, including the use of automated collection techniques 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.

    Dated: March 7, 2016.
Brenda Simms,
Treasury PRA Clearance Officer.
[FR Doc. 2016-05364 Filed 3-9-16; 8:45 am]
BILLING CODE 4810-25-P