81 FR 16281 - 2016 Report on the Terrorism Risk Insurance Program

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 58 (March 25, 2016)

Page Range		16281-16281
FR Document		2016-06795

The Terrorism Risk Insurance Act of 2002, as amended (TRIA), 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, in the U.S. Department of the Treasury, the Terrorism Risk Insurance Program (TRIP), which is administered by the Secretary of the Treasury (Secretary), with the assistance of the Federal Insurance Office (FIO). The Terrorism Risk Insurance Program Reauthorization Act of 2015 (Reauthorization Act), which extended and amended certain provisions of TRIP, requires the Secretary to submit a report to Congress concerning, among other things, the overall effectiveness of TRIP. To assist the Secretary in formulating the report, FIO is seeking comment on the statutory factors that the report must analyze and other related matters.

Federal Register, Volume 81 Issue 58 (Friday, March 25, 2016)

[Federal Register Volume 81, Number 58 (Friday, March 25, 2016)]
[Notices]
[Page 16281]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-06795]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


2016 Report on the Terrorism Risk Insurance Program

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

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The Terrorism Risk Insurance Act of 2002, as amended (TRIA), 
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, in the U.S. Department of the Treasury, the Terrorism Risk 
Insurance Program (TRIP), which is administered by the Secretary of the 
Treasury (Secretary), with the assistance of the Federal Insurance 
Office (FIO). The Terrorism Risk Insurance Program Reauthorization Act 
of 2015 (Reauthorization Act), which extended and amended certain 
provisions of TRIP, requires the Secretary to submit a report to 
Congress concerning, among other things, the overall effectiveness of 
TRIP. To assist the Secretary in formulating the report, FIO is seeking 
comment on the statutory factors that the report must analyze and other 
related matters.

DATES: Comments must be submitted not later than April 15, 2016.

ADDRESSES: Interested persons may submit comments electronically 
through the Federal eRulemaking Portal at http://www.regulations.gov, 
in accordance with the instructions on that site. In general, the 
Department 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. The Department 
will also make such comments available for public inspection and 
copying in the Treasury's Library, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220, on official business days between the hours of 
10:00 a.m. and 5:00 p.m. Eastern Time. You can make an appointment to 
inspect comments by telephoning (202) 622-0990. 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.
    Electronic submissions are encouraged.
    Comments may also be mailed to the Department of the Treasury, 
Federal Insurance Office, MT 1410, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220.

FOR FURTHER INFORMATION CONTACT: Richard A. Ifft, Senior Insurance 
Regulatory Policy Analyst, Federal Insurance Office, (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 this number 
via TTY by calling the toll-free Federal Relay Service at (800) 877-
8339.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 111 of the Reauthorization Act (Pub. L. 114-1) 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 on, among other things, the impact and 
effectiveness of TRIP. The report must also include an evaluation of 
information that is being separately collected by Treasury, including 
certain data appropriate for analyzing the effectiveness of TRIP.

II. Solicitation for Comments

    Collecting additional information and views on the matters that 
must be addressed in the report to Congress will assist the Secretary 
in the formulation of the report and enhance the report's accuracy and 
value. Treasury seeks comment from interested parties on all Section 
111 elements that must be covered in the report, including comments on:
    1. The overall effectiveness of the TRIP;
    2. Observed changes or trends relating to matters that Treasury is 
collecting data about under Section 111 of the Reauthorization Act;
    3. Whether any aspects of TRIP have the effect of discouraging or 
impeding insurers from providing commercial property casualty insurance 
coverage or coverage for acts of terrorism; and
    4. The impact of TRIP on workers' compensation insurers.
    In addition to comments on the above, Treasury also seeks comment 
from interested parties on:
    5. The availability and affordability of terrorism risk insurance 
coverage, both nationally and in particular geographic areas; and
    6. Other issues relating to TRIP or terrorism insurance or 
reinsurance more broadly that may be relevant to Treasury's assessment 
of the effectiveness of TRIP.

Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2016-06795 Filed 3-24-16; 8:45 am]
BILLING CODE 4810-25-P

Federal Register / Vol. 81, No. 58 / Friday, March 25, 2016 / Notices 16281

Office, Title Name Date

Approved 1 by: OFR, Director .......................................... Richard Berner ........................................ 3/21
Reviewed 2 by: OFR, COO ............................................... Nicole Bynum .......................................... ........................
OFR, Chief of Staff .................................. Kathleen Victorino ................................... 3/14
OFR, Senior Attorney Advisor ................. John Zitko ................................................
OFR, CDO ............................................... Con Crowley ............................................ 3/14
OFR, CTO ............................................... John Talbot .............................................. 3/14
OFR, Deputy Director, Research and Stacey Schreft .........................................
Analysis.
Cleared 3 by: OFR, Chief Counsel ................................ Matt Reed ................................................ 3/15
OFR, Chief of External Relations ............ Barbara Shycoff ....................................... 3/11
1 The approver is the final review before the document can be sent to the intended recipient. It is recommended that you limit the number of
approvers to 1.
2 A reviewer has read the document and provided comments on part of the document. This person has not necessarily endorsed all of the lan-
guage within the document.
3 A clearer has read the document and endorses the language in the final document relevant to the clearer’s office.

Delivery Instructions site. In general, the Department will effectiveness of TRIP. The report must
Return to policy office for delivery. post all comments to also include an evaluation of
Deliver through the OFR Front Office www.regulations.gov without change, information that is being separately
(include specific instructions below). including any business or personal collected by Treasury, including certain
Other (see below). information provided such as names, data appropriate for analyzing the
Specific delivery instructions: addresses, email addresses, or telephone effectiveness of TRIP.
[FR Doc. 2016–06798 Filed 3–24–16; 8:45 am]
numbers. The Department will also
make such comments available for II. Solicitation for Comments
BILLING CODE 4810–25–P
public inspection and copying in the Collecting additional information and
Treasury’s Library, 1500 Pennsylvania views on the matters that must be
DEPARTMENT OF THE TREASURY Avenue NW., Washington, DC 20220, on
addressed in the report to Congress will
official business days between the hours
assist the Secretary in the formulation of
2016 Report on the Terrorism Risk of 10:00 a.m. and 5:00 p.m. Eastern
the report and enhance the report’s
Insurance Program Time. You can make an appointment to
accuracy and value. Treasury seeks
inspect comments by telephoning (202)
AGENCY: Departmental Offices, U.S. comment from interested parties on all
622–0990. All comments, including
Department of the Treasury. Section 111 elements that must be
attachments and other supporting
ACTION: Notice and request for comment. covered in the report, including
materials, are part of the public record
and subject to public disclosure. You comments on:
SUMMARY: The Terrorism Risk Insurance should submit only information that 1. The overall effectiveness of the
Act of 2002, as amended (TRIA), you wish to make available publicly. TRIP;
requires participating insurers to make Electronic submissions are
insurance available for losses resulting 2. Observed changes or trends relating
encouraged. to matters that Treasury is collecting
from acts of terrorism, and provides a Comments may also be mailed to the
federal government backstop for the data about under Section 111 of the
Department of the Treasury, Federal Reauthorization Act;
insurers’ resulting financial exposure. Insurance Office, MT 1410, 1500
TRIA established, in the U.S. Pennsylvania Avenue NW., Washington, 3. Whether any aspects of TRIP have
Department of the Treasury, the DC 20220. the effect of discouraging or impeding
Terrorism Risk Insurance Program FOR FURTHER INFORMATION CONTACT:
insurers from providing commercial
(TRIP), which is administered by the Richard A. Ifft, Senior Insurance property casualty insurance coverage or
Secretary of the Treasury (Secretary), Regulatory Policy Analyst, Federal coverage for acts of terrorism; and
with the assistance of the Federal Insurance Office, (202) 622–2922 (this is 4. The impact of TRIP on workers’
Insurance Office (FIO). The Terrorism not a toll-free number) or Kevin compensation insurers.
Risk Insurance Program Reauthorization Meehan, Policy Advisor, Federal
Act of 2015 (Reauthorization Act), In addition to comments on the above,
Insurance Office, (202) 622–7009 (not a Treasury also seeks comment from
which extended and amended certain toll free number). Persons who have
provisions of TRIP, requires the interested parties on:
difficulty hearing or speaking may
Secretary to submit a report to Congress access this number via TTY by calling 5. The availability and affordability of
concerning, among other things, the the toll-free Federal Relay Service at terrorism risk insurance coverage, both
overall effectiveness of TRIP. To assist (800) 877–8339. nationally and in particular geographic
the Secretary in formulating the report, areas; and
SUPPLEMENTARY INFORMATION:
FIO is seeking comment on the statutory 6. Other issues relating to TRIP or
factors that the report must analyze and I. Background terrorism insurance or reinsurance more
asabaliauskas on DSK3SPTVN1PROD with NOTICES

other related matters. Section 111 of the Reauthorization broadly that may be relevant to
DATES: Comments must be submitted Act (Pub. L. 114–1) requires the Treasury’s assessment of the
not later than April 15, 2016. Secretary to submit a report to the effectiveness of TRIP.
ADDRESSES: Interested persons may Committee on Financial Services of the
Michael T. McRaith,
submit comments electronically through House of Representatives and the
the Federal eRulemaking Portal at Committee on Banking, Housing, and Director, Federal Insurance Office.
http://www.regulations.gov, in Urban Affairs of the Senate on, among [FR Doc. 2016–06795 Filed 3–24–16; 8:45 am]
accordance with the instructions on that other things, the impact and BILLING CODE 4810–25–P

VerDate Sep<11>2014 18:30 Mar 24, 2016 Jkt 238001 PO 00000 Frm 00155 Fmt 4703 Sfmt 9990 E:\FR\FM\25MRN1.SGM 25MRN1

Document Created: 2018-02-02 15:17:26
Document Modified: 2018-02-02 15:17:26

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 and request for comment.
Dates		Comments must be submitted not later than April 15, 2016.
Contact		Richard A. Ifft, Senior Insurance Regulatory Policy Analyst, Federal Insurance Office, (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 this number via TTY by calling the toll-free Federal Relay Service at (800) 877- 8339.
FR Citation		81 FR 16281