81 FR 45381 - Proposed Collection; Comment Request

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 134 (July 13, 2016)

Page Range		45381-45382
FR Document		2016-16537

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 proposed information collection that will be submitted for approval by the Office of Management and Budget. The Federal Insurance Office (FIO) is monitoring the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable personal automobile insurance, pursuant to 31 U.S.C. 313(c)(1)(B).

Federal Register, Volume 81 Issue 134 (Wednesday, July 13, 2016)

[Federal Register Volume 81, Number 134 (Wednesday, July 13, 2016)]
[Notices]
[Pages 45381-45382]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16537]


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DEPARTMENT OF THE TREASURY


Proposed Collection; Comment Request

AGENCY: Departmental Offices, Department of the 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 proposed information collection 
that will be submitted for approval by the Office of Management and 
Budget. The Federal Insurance Office (FIO) is monitoring the extent to 
which traditionally underserved communities and consumers, minorities, 
and low- and moderate-income persons have access to affordable personal 
automobile insurance, pursuant to 31 U.S.C. 313(c)(1)(B).

DATES: Written comments must be received not later than September 12, 
2016.

[[Page 45382]]


ADDRESSES: Please submit comments electronically through the Federal 
eRulemaking Portal at http://www.regulations.gov, in accordance with 
the instructions on that site, or by mail (if hard copy, preferably an 
original and two copies) to the Federal Insurance Office, Attention: 
Lindy Gustafson, Room 1410 MT, Department of the Treasury, 1500 
Pennsylvania Avenue NW., Washington, DC 20220. As postal mail may be 
subject to processing delay, it is recommended that comments be 
submitted electronically.
    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 also will make 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.

FOR FURTHER INFORMATION CONTACT: Lindy Gustafson, Federal Insurance 
Office, 202-622-6245 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 
    OMB Number: 1505-XXXX.
    Title: Monitoring the Affordability of Personal Automobile 
Insurance.
    Abstract: Subtitle A of Title V of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act of 2010 established the Federal 
Insurance Office (FIO) in the Department of the Treasury and, among 
other things, authorizes FIO to monitor the extent to which 
traditionally underserved communities and consumers, minorities, and 
low- and moderate-income persons (collectively, Affected Persons) have 
access to affordable insurance products regarding all lines of 
insurance other than health insurance. Under this authority, FIO is 
monitoring the availability and affordability of personal automobile 
liability insurance for Affected Persons, as detailed in notices 
previously published in the Federal Register. See 79 FR 19969 (April 
10, 2014) and 80 FR 38277 (July 2, 2015). FIO will be continuing to 
review publicly available data. In addition, FIO will be reviewing data 
from statistical agents. Pursuant to this Notice, FIO also intends to 
request that insurers that have a statutory surplus greater than $500 
million at the end of the preceding calendar year, and annually write 
more than $500 million of premium for personal automobile insurance 
(collectively, Large Insurers), voluntarily provide premium data, to 
statistical agents designated by FIO, for further analysis by FIO.
    Type of Review: New data collection.
    Affected Public: Large Insurers; statistical agents.
    Estimated Number of Respondents: 40.
    Estimated Average Time per Respondent: Not to exceed 50 hours.
    Estimated Total Annual Burden Hours: Not to exceed 2,000 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 
collection; (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 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. 2016-16537 Filed 7-12-16; 8:45 am]
 BILLING CODE 4810-25-P

Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices 45381

percent,121 and residential running statistical agents such as the Code-level premium data voluntarily
water is 2 percent.122 Independent Statistical Services (ISS), provide that data to the statistical agents
Therefore, FIO adopts a 2 percent Insurance Services Office (ISO), and the with which the insurers typically work.
Affordability Index as a reasonable National Institute of Statistical Sciences FIO will ask that insurers covered by
empirical benchmark for monitoring (NISS). Allstate commented that FIO this request provide the statistical
affordability and for the study to should use data available from the agents the following information: (i) ZIP
compare the cost of automobile NAIC, the Insurance Information Code-level premium data, (ii) for
insurance for Affected Persons. FIO Institute (III), and IRC.127 The FSR liability coverage at the financial
acknowledges that the Affordability expressed concerns about the substance, responsibility limit, (iii) for the
Index does not account for all workability, cost, and administrative voluntary market.
circumstances which may be relevant to burden of a data call.128 The IRC In combination, the data sources
an individual consumer’s cost of commented that FIO should conduct an described above are expected to provide
personal automobile insurance. analysis of existing data before initiating sufficient data to support the objective
Affordability for any individual research requiring new and costly data analysis necessary for FIO to monitor
consumer can be assessed accurately reporting and collection efforts.129 the affordability of personal auto
only within the context of that NAMIC, IRC and FSR’s comments insurance for Affected Persons. If,
consumer’s circumstances. averred that FIO should first analyze however, FIO receives incomplete data,
and report existing studies and other or if insurers or statistical agents are not
C. Data Sources data already available.130 In addition, responsive to this request, FIO may
In the July 2015 Notice, FIO NAMIC’s commented that the term collect information directly from those
specifically requested input on how to ‘‘monitor’’ should not be interpreted as insurers in the future.
best obtain appropriate data to monitor authority for FIO to collect data directly
Going forward, FIO will rely upon the
effectively the affordability of personal from insurers.131 Finally, PCI stated that
methodology and the data described
automobile insurance for Affected FIO should use BLS and Census Bureau
above to calculate the Affordability
Persons. After considering stakeholder data, and if FIO were to issue a data call,
Index it will use to monitor the
comments and potential information then it should rely upon third parties—
affordability of automobile insurance
services, FIO intends to collect and statistical agents like ISO, ISS, and
premiums in majority-minority or
analyze data received and aggregated by NISS—to aggregate that data.132
FIO has reviewed and evaluated the majority-LMI ZIP Codes. FIO will
statistical agents. In addition, FIO will
comments received from stakeholders publicly report its findings annually and
use data publicly available through the
on whether to collect data directly from note, among other things, the trend of
Census Bureau.123 In response to FIO’s
industry to support this work, and the Affordability Index relative to each
request, consumer advocate commenters
respects concerns about duplicative of the analyzed ZIP Codes.
suggested that FIO issue a data call to
the 100 largest insurers in each state in information gathering. FIO intends to Michael T. McRaith,
order to obtain vehicle data and to avoid unnecessary burdens or expenses Director, Federal Insurance Office.
reflect the premiums actually offered to on stakeholders. FIO will exercise all [FR Doc. 2016–16536 Filed 7–12–16; 8:45 am]
Affected Persons.124 reasonable efforts to use existing BILLING CODE 4810–25–P
Contrary to comments from consumer available information. Accordingly, at
advocates and the views expressed by this time, FIO will not collect data
Ranking Member Waters,125 industry directly from insurers through a data DEPARTMENT OF THE TREASURY
stakeholder comments objected to FIO call as proposed in the July 2015 Notice.
issuing any data calls or other For its initial affordability study, FIO Proposed Collection; Comment
mandatory collections. Many argued will use data currently available from Request
that FIO could obtain information it the Census Bureau,133 statistical agents,
needed from existing sources. The AIA and certain states. In this regard, 20 AGENCY: Departmental Offices,
commented that FIO should consult states require insurers to report ZIP Department of the Treasury.
with the Automobile Insurance Plan Code-level automobile premium data to ACTION: Notice and request for
Service Office (AIPSO) for data,126 one of three statistical agents (ISO, ISS, comments.
while the AAA commented that FIO and NISS) who collect and aggregate
should use data available from this data. SUMMARY: The Department of the
For purpose of its next study in 2017, Treasury, as part of its continuing effort
121 Shared Responsibility for Employers FIO will request data from insurers who to reduce paperwork burdens, invites
Regarding Health Coverage, 79 FR 8544 (Feb. 12, have a statutory surplus greater than the general public and other Federal
2014), available at https://www.gpo.gov/fdsys/pkg/ $500 million as of December 31, 2015,
FR-2014-02-12/pdf/2014-03082.pdf; 26 CFR
agencies to comment on a proposed
601.105, available at https://www.irs.gov/pub/irs-
and who annually collect more than information collection that will be
drop/rp-14-62.pdf. $500 million of premium for personal submitted for approval by the Office of
122 The cost of water/wastewater is considered automobile insurance. Management and Budget. The Federal
unaffordable when it exceeds 2% of median For 2017, FIO will request that large Insurance Office (FIO) is monitoring the
household income. See U.S. Environmental insurers who do not already report ZIP
Protection Agency, Memorandum re: Financial extent to which traditionally
Capability Assessment Framework for Municipal underserved communities and
127 Allstate
Comment, supra note 52, at 2.
Clean Water Act Requirements (Nov. 24, 2014), consumers, minorities, and low- and
jstallworth on DSK7TPTVN1PROD with NOTICES

128 FSR
Comment, supra note 34, at 3.
available at http://www.epa.gov/sites/production/ moderate-income persons have access to
files/2015-10/documents/municipal_fca_ 129 IRC Comment, supra note 40, at 3.

framework.pdf. 130 NAMIC Comment, supra note 63, at 4–5; IRC
affordable personal automobile
123 See Census Bureau, ‘‘American Fact Finder,’’ Comment, supra note 40, at 3; and FSR Comment, insurance, pursuant to 31 U.S.C.
available at http://factfinder.census.gov/. supra note 34, at 3–4, 10–11. 313(c)(1)(B).
124 CFA Comment, supra note 37, at 6; NYRL 131 NAMIC Comment, supra note 63, at 5.

Comment, supra note 37, at 5–6. 132 See PCI Comment, supra note 35, at 5. DATES: Written comments must be
125 Waters’ Letter, supra note 86. 133 See Census Bureau, ‘‘American Fact Finder,’’ received not later than September 12,
126 AIA Comment, supra note 51, at 5. available at http://factfinder.census.gov/. 2016.

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$45382 Federal Register / Vol. 81, No. 134 / Wednesday, July 13, 2016 / Notices ADDRESSES: Please submit comments Title: Monitoring the Affordability of Estimated Number of Respondents: electronically through the Federal Personal Automobile Insurance. 40. eRulemaking Portal at http:// Abstract: Subtitle A of Title V of the Estimated Average Time per www.regulations.gov, in accordance Dodd-Frank Wall Street Reform and Respondent: Not to exceed 50 hours. with the instructions on that site, or by Consumer Protection Act of 2010 Estimated Total Annual Burden mail (if hard copy, preferably an original established the Federal Insurance Office Hours: Not to exceed 2,000 hours. and two copies) to the Federal Insurance (FIO) in the Department of the Treasury Request for Comments: An agency Office, Attention: Lindy Gustafson, and, among other things, authorizes FIO may not conduct or sponsor, and a Room 1410 MT, Department of the to monitor the extent to which person is not required to respond to, a Treasury, 1500 Pennsylvania Avenue traditionally underserved communities collection of information unless the NW., Washington, DC 20220. As postal and consumers, minorities, and low- collection of information displays a mail may be subject to processing delay, and moderate-income persons valid OMB control number. Comments it is recommended that comments be (collectively, Affected Persons) have submitted in response to this notice will submitted electronically. access to affordable insurance products In general, the Department will post be summarized and/or included in the regarding all lines of insurance other request for OMB approval. All all comments to www.regulations.gov than health insurance. Under this without change, including any business comments will become a matter of authority, FIO is monitoring the public record. Comments are invited on: or personal information provided such availability and affordability of personal as names, addresses, email addresses, or (a) Whether the collection of automobile liability insurance for information is necessary for the proper telephone numbers. The Department Affected Persons, as detailed in notices also will make comments available for performance of the functions of the previously published in the Federal agency, including whether the public inspection and copying in the Register. See 79 FR 19969 (April 10, Treasury’s Library, 1500 Pennsylvania information shall have practical utility; 2014) and 80 FR 38277 (July 2, 2015). (b) the accuracy of the agency’s estimate Avenue NW., Washington, DC 20220, on FIO will be continuing to review official business days between the hours of the burden of the collection of publicly available data. In addition, FIO information; (c) ways to enhance the of 10:00 a.m. and 5:00 p.m. Eastern will be reviewing data from statistical Time. You can make an appointment to quality, utility, and clarity of the agents. Pursuant to this Notice, FIO also information collection; (d) ways to inspect comments by telephoning 202– intends to request that insurers that 622–0990. All comments, including minimize the burden of the collection of have a statutory surplus greater than information on respondents, including attachments and other supporting $500 million at the end of the preceding materials, are part of the public record through the use of automated collection calendar year, and annually write more techniques or other forms of information and subject to public disclosure. You than $500 million of premium for should submit only information that technology; and (e) estimates of capital personal automobile insurance or start-up costs and costs of operation, you wish to make available publicly. (collectively, Large Insurers), maintenance, and purchase of services FOR FURTHER INFORMATION CONTACT: voluntarily provide premium data, to to provide information. Lindy Gustafson, Federal Insurance statistical agents designated by FIO, for Office, 202–622–6245 (not a toll-free further analysis by FIO. Michael T. McRaith, number). Type of Review: New data collection. Director, Federal Insurance Office. SUPPLEMENTARY INFORMATION: Affected Public: Large Insurers; [FR Doc. 2016–16537 Filed 7–12–16; 8:45 am] OMB Number: 1505–XXXX. statistical agents. BILLING CODE 4810–25–P jstallworth on DSK7TPTVN1PROD with NOTICES VerDate Sep<11>2014 15:08 Jul 12, 2016 Jkt 238001 PO 00000 Frm 00109 Fmt 4703 Sfmt 9990 E:\FR\FM\13JYN1.SGM 13JYN1$

Document Created: 2016-07-13 01:44:07
Document Modified: 2016-07-13 01:44:07

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 comments.
Dates		Written comments must be received not later than September 12, 2016.
Contact		Lindy Gustafson, Federal Insurance Office, 202-622-6245 (not a toll-free number).
FR Citation		81 FR 45381