Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices 72139 

reinsurer) have taken place in the years 

since Fiscal Service last significantly 

updated the program’s regulatory 

requirements and its financial analysis 

methodology. For instance, the passage 

of the Nonadmitted and Reinsurance 

Reform Act of 2010 and the adoption by 

U.S. states of the 2011 amendments to 

the National Association of Insurance 

Commissioners’ Credit for Reinsurance 

Model Law and Model Regulation have 

impacted the form and extent of surety 

companies’ reliance on reinsurers not 

domiciled in the United States. In 2010, 

Congress created the Federal Insurance 

Office (‘‘FIO’’) in the Department of the 

Treasury to, among other things, 

monitor and report on the regulation of 

the insurance industry. Additionally, 

pursuant to the authorities set forth in 

the Federal Insurance Office Act of 

2010, the Department of the Treasury, 

led by the FIO, and the Office of the 

United States Trade Representative have 

negotiated a covered agreement with the 

European Union, providing for (among 

other things) the elimination of 

collateral requirements, under specified 

conditions, for reinsurers from EU 

member states assuming business from 

U.S. ceding insurers. While these and 

other developments are not the sole 

impetus for Fiscal Service’s 

consideration of modernizing and 

improving program requirements, the 

questions below should be viewed in 

light of these changes that have 

occurred in the regulation of the 

insurance industry. Throughout this 

process, Fiscal Service will consult and 

coordinate with FIO. 

You are invited to answer the 

following questions and provide general 

comments on any other aspect of the 

program’s regulations and requirements. 

Please include in your comments how 

any recommended actions would 

protect the financial interests of the 

United States and otherwise improve 

the program. 

Request for Comment: While Fiscal 

Service is particularly interested in 

responses to the following questions, 

commenters may supply other 

information pertaining to Fiscal 

Service’s requirements not explicitly 

referenced below. 

1. Should Fiscal Service consider 

changing the approach or methodology 

it uses to value the assets and liabilities 

of a company applying to be certified as 

an insurer or reinsurer, or to be 

recognized as an admitted reinsurer? In 

particular, please consider commenting 

on the following items: (a) Admissible 

versus non-admissible assets; (b) capital 

requirements; (c) underwriting 

limitation; and (d) comparison to 

requirements imposed by relevant 

regulatory authorities. 

2. What different methodologies, if 

any, should Fiscal Service consider 

using when evaluating applications 

from companies that are part of an 

insurance group’s pooling agreement? 

Please provide your views on whether 

Fiscal Service should analyze such 

applicants’ financial condition at the 

group level rather than, or in 

conjunction with, analysis at the 

individual company level. Please 

address the benefits and risks to the 

federal government of performing the 

financial analysis at the group level. 

3. Should Fiscal Service consider 

changing the approach or methodology 

it uses to determine the credit allowed 

for reinsurance and, if so, what changes 

should it consider? Please address both 

reinsurance of federal surety bonds and 

of non-federal risks, and provide the 

rationale for any proposed changes. 

4. Should Fiscal Service consider 

changing any aspects of the approach or 

methodology it uses to determine 

recognition of a company as an admitted 

reinsurer? In your response, please 

address Fiscal Service’s treatment of 

both domestic and alien reinsurers, and 

discuss the benefits and risks to the 

federal government of any proposed 

changes. 

5. Should Fiscal Service consider 

changing the permissible methods, as 

described in the program’s regulations 

and annual letters published on its 

website, for limiting risk in excess of a 

surety company’s underwriting 

limitation? In your response, please 

address permissible methods for 

limiting risk in excess of the 

underwriting limitation relative to both 

federal surety bonds and to non-federal 

risks. 

6. Should Fiscal Service consider 

changing the schedule and the 

documentation required for issuing and 

renewing certificates of authority and, if 

so, what changes should it consider? As 

an example, but not a limitation on the 

scope of the foregoing question, should 

Fiscal Service consider issuing 

certificates of authority that are valid for 

more than one year based on a 

company’s financial condition? Please 

address the benefits and risks to the 

federal government of implementing 

such proposed changes, including 

issuing certificates of authority that are 

valid for more than one year. 

7. Please recommend any other 

revisions to the program regulations as 

addressed in 31 CFR part 223 or the 

annual letters published on Fiscal 

Service’s website that are consistent 

with protecting the federal government, 

and provide the rationale for those 

revisions. 

Timothy E. Gribben, 

Commissioner, Bureau of the Fiscal Service. 

[FR Doc. 2019–28193 Filed 12–27–19; 8:45 am] 

BILLING CODE 4810–AS–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

Prompt Payment Interest Rate; 

Contract Disputes Act 

AGENCY: Bureau of the Fiscal Service, 

Treasury. 

ACTION: Notice of prompt payment 

interest rate; Contract Disputes Act. 

SUMMARY: For the period beginning 

January 1, 2020, and ending on June 30, 

2020, the prompt payment interest rate 

is 21⁄8 per centum per annum. 

DATES: Effective January 1, 2020, to June 

30, 2020. 

ADDRESSES: Comments or inquiries may 

be mailed to: E-Commerce Division, 

Bureau of the Fiscal Service, 401 14th 

Street SW, Room 306F, Washington, DC 

20227. Comments or inquiries may also 

be emailed to PromptPayment@

fiscal.treasury.gov. 

FOR FURTHER INFORMATION CONTACT: 

Thomas M. Burnum, E-Commerce 

Division, (202) 874–6430; or Thomas 

Kearns, Attorney-Advisor, Office of the 

Chief Counsel, (202) 874–7036. 

SUPPLEMENTARY INFORMATION: An agency 

that has acquired property or service 

from a business concern and has failed 

to pay for the complete delivery of 

property or service by the required 

payment date shall pay the business 

concern an interest penalty. 31 U.S.C. 

3902(a). The Contract Disputes Act of 

1978, Sec. 12, Public Law 95–563, 92 

Stat. 2389, and the Prompt Payment Act, 

31 U.S.C. 3902(a), provide for the 

calculation of interest due on claims at 

the rate established by the Secretary of 

the Treasury. 

The Secretary of the Treasury has the 

authority to specify the rate by which 

the interest shall be computed for 

interest payments under section 12 of 

the Contract Disputes Act of 1978 and 

under the Prompt Payment Act. Under 

the Prompt Payment Act, if an interest 

penalty is owed to a business concern, 

the penalty shall be paid regardless of 

whether the business concern requested 

payment of such penalty. 31 U.S.C. 

3902(c)(1). Agencies must pay the 

interest penalty calculated with the 

interest rate, which is in effect at the 

time the agency accrues the obligation 

to pay a late payment interest penalty. 


khammond on DSKJM1Z7X2PROD with NOTICES
72140 Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices 

31 U.S.C. 3902(a). ‘‘The interest penalty 

shall be paid for the period beginning 

on the day after the required payment 

date and ending on the date on which 

payment is made.’’ 31 U.S.C. 3902(b). 

Therefore, notice is given that the 

Secretary of the Treasury has 

determined that the rate of interest 

applicable for the period beginning 

January 1, 2020, and ending on June 30, 

2020, is 21⁄8 per centum per annum. 

Timothy E. Gribben, 

Commissioner, Bureau of the Fiscal Service. 

[FR Doc. 2019–28192 Filed 12–27–19; 8:45 am] 

BILLING CODE 4810–AS–P 

DEPARTMENT OF THE TREASURY 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Multiple 

Treasury Information Collection 

Requests 

AGENCY: Departmental Offices, U.S. 

Department of the Treasury. 

ACTION: Notice. 

SUMMARY: The Department of the 

Treasury will submit the following 

information collection requests to the 

Office of Management and Budget 

(OMB) for review and clearance in 

accordance with the Paperwork 

Reduction Act of 1995, on or after the 

date of publication of this notice. The 

public is invited to submit comments on 

these requests. 

DATES: Comments should be received on 

or before January 29, 2020 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 

(1) Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Attention: Desk Officer for 

Treasury, New Executive Office 

Building, Room 10235, Washington, DC 

20503, or email at OIRA_Submission@

OMB.EOP.gov and (2) Treasury PRA 

Clearance Officer, 1750 Pennsylvania 

Ave. NW, Suite 8100, Washington, DC 

20220, or email at PRA@treasury.gov. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submissions may be 

obtained from Spencer W. Clark by 

emailing PRA@treasury.gov, calling 

(202) 927–5331, or viewing the entire 

information collection request at 

www.reginfo.gov. 

SUPPLEMENTARY INFORMATION: 

Treasury Departmental Officers (DO) 

1. Title: Troubled Asset Relief 

Program—Making Home Affordable 

Participants. 

OMB Control Number: 1505–0216. 

Type of Review: Extension without 

change of a currently approved 

collection. 

Description: Authorized under the 

Emergency Economic Stabilization Act 

(EESA) of 2008 (Public Law 110–343), 

the Department of the Treasury has 

implemented several aspects of the 

Troubled Asset Relief Program. Among 

these components is a voluntary 

foreclosure prevention program, Making 

Home Affordable (MHA) program, 

under which the Department will use 

TARP capital to lower the mortgage 

payments of qualifying borrowers. The 

Treasury will do this through 

agreements with mortgage servicers to 

modify loans on their systems. All 

servicers were eligible to participate in 

the program. 

Form: None. 

Affected Public: Businesses or other 

for-profits. 

Estimated Number of Respondents: 

140. 

Frequency of Response: Monthly. 

Estimated Total Number of Annual 

Responses: 1,680. 

Estimated Time per Response: 187.5 

hours for large servicers and 2 hours for 

small servicers. 

Estimated Total Annual Burden 

Hours: 47,880. 

2. Title: Annual Performance Report 

and Certification for Section 1603: 

Payments for Specified Renewable 

Energy Property in Lieu of Tax Credits. 

OMB Control Number: 1505–0221. 

Type of Review: Extension without 

change of a currently approved 

collection. 

Description: Authorized under the 

American Recovery and Reinvestment 

Act (ARRA), of 2009 (Pub. L. 111–5), the 

Department of the Treasury is 

implementing several provisions of the 

Act, more specifically Division B-Tax, 

Unemployment, Health, State Fiscal 

Relief, and Other Provisions. Among 

these components is a program which 

requires Treasury, in lieu of a tax credit, 

to reimburse persons who place in 

service certain specified energy 

properties. The collection of 

information is necessary to properly 

monitor compliance with program 

requirements. Applicants for Section 

1603 payments commit in the Terms 

and Conditions that are part of the 

application to submitting an annual 

report for five years from the date the 

energy property is placed in service. 

Form: None. 

Affected Public: Businesses or other 

for-profits. 

Estimated Number of Respondents: 

150,000. 

Frequency of Response: Annually. 

Estimated Total Number of Annual 

Responses: 150,000. 

Estimated Time per Response: 15 

minutes. 

Estimated Total Annual Burden 

Hours: 37,000. 

Authority: 44 U.S.C. 3501 et seq. 

Dated: December 23, 2019. 

Spencer W. Clark, 

Treasury PRA Clearance Officer. 

[FR Doc. 2019–28143 Filed 12–27–19; 8:45 am] 

BILLING CODE 4810–25–P 

DEPARTMENT OF THE TREASURY 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Multiple 

Fiscal Service Information Collection 

Requests 

AGENCY: Departmental Offices, U.S. 

Department of the Treasury. 

ACTION: Notice. 

SUMMARY: The Department of the 

Treasury will submit the following 

information collection requests to the 

Office of Management and Budget 

(OMB) for review and clearance in 

accordance with the Paperwork 

Reduction Act of 1995, on or after the 

date of publication of this notice. The 

public is invited to submit comments on 

these requests. 

DATES: Comments should be received on 

or before January 29, 2020 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 

(1) Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Attention: Desk Officer for 

Treasury, New Executive Office 

Building, Room 10235, Washington, DC 

20503, or email at OIRA_Submission@

OMB.EOP.gov and (2) Treasury PRA 

Clearance Officer, 1750 Pennsylvania 

Ave. NW, Suite 8100, Washington, DC 

20220, or email at PRA@treasury.gov. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submissions may be 

obtained from Spencer W. Clark by 

emailing PRA@treasury.gov, calling 

(202) 927–5331, or viewing the entire 

information collection request at 

www.reginfo.gov. 

SUPPLEMENTARY INFORMATION: 


khammond on DSKJM1Z7X2PROD with NOTICES