81 FR 18693 - Proposed Collection; Comment Request

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 62 (March 31, 2016)

The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on a currently approved information collection that is due for extension approval by the Office of Management and Budget. The Federal Insurance Office, which assists the Secretary of the Treasury in the administration of the Terrorism Risk Insurance Program, is soliciting comments concerning the Record Keeping Requirements set forth in 31 CFR part 50.8.

[Federal Register Volume 81, Number 62 (Thursday, March 31, 2016)]
[Notices]
[Pages 18693-18694]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-07268]


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DEPARTMENT OF THE TREASURY


Proposed Collection; Comment Request

AGENCY: Federal Insurance Office, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork burdens, invites the general public and 
other Federal agencies to comment on a currently approved information 
collection that is due for extension approval by the Office of 
Management and Budget. The Federal Insurance Office, which assists the 
Secretary of the Treasury in the administration of the Terrorism Risk 
Insurance Program, is soliciting comments concerning the Record Keeping 
Requirements set forth in 31 CFR part 50.8.

DATES: Written comments must be received not later than May 31, 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, 
Terrorism Risk Insurance Program, MT 1410, 1500 Pennsylvania Avenue 
NW., Washington, DC 20220.

FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance 
Regulatory Policy Analyst, Federal Insurance Office, Room 1319, 
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, Room 1410, Department 
of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, at 
(202) 622-7009 (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:
    OMB Number: 1505-0190.
    Title: Terrorism Risk Insurance Program--Conflict of Interest 
Rebuttal Procedures of the Terrorism Risk Insurance Act.
    Abstract: The Terrorism Risk Insurance Act of 2002, as amended 
(TRIA),\1\ established the Terrorism Risk Insurance Program (TRIP),\2\ 
which the Secretary of the Treasury administers, with the assistance of 
the Federal Insurance Office.\3\ Section 102 (2) of TRIA defines an 
``affiliate'' with respect to an insurer as ``* * * any entity that 
controls, is controlled by, or is under common control with the 
insurer''. Section 102 (3) of the Act defines ``control''. Section 
102(6) defines ``insurer'' to include ``* * * any affiliate thereof''. 
Taken together these definitions comprise one element in calculating 
costs and payments to the insurer under the Program. As such, there 
could be questions as to whether an affiliate relation exists between 
specific insurers, which will turn on whether one insurer controls, is 
controlled by, or is under common control with the other. The 
regulation, at 31 CFR 50.8 sets forth information which an insurer can 
provide to refute certain rebuttable presumptions of control described 
at 31 CFR 50.4(c). If not refuted, these rebuttable presumptions would 
lead to a determination that an affiliate relationship exists. This 
clearance action is for the data submission required to rebut a 
presumption of controlling influence specified in 31 CFR 50.8.
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    \1\ 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\ See 31 CFR pt. 50.
    \3\ 31 U.S.C. 313(c)(1)(D).
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    Type of Review: Extension of a currently approved data collection.
    Affected Public: Business/Financial Institutions.
    Estimated Number of Respondents: 10.
    Estimated Average Time per Respondent: 4 hours.
    Estimated Total Annual Burden Hours: 400 hours.
    Request for Comments: 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. Comments submitted in response to this notice will be 
summarized and/or included in the request for OMB approval. All 
comments will become a matter 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 shall 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 
collections; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information

[[Page 18694]]

technology; and (e) estimates of capital or start-up costs and costs of 
operation, maintenance, and purchase of services to provide 
information.

Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2016-07268 Filed 3-30-16; 8:45 am]
BILLING CODE 4810-25-P