[Federal Register Volume 80, Number 26 (Monday, February 9, 2015)]
[Notices]
[Pages 7075-7076]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-02563]


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DEPARTMENT OF THE TREASURY


Study on Improving the Certification Process for the Terrorism 
Risk Insurance Program

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

ACTION: Notice and request for comment.

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[[Page 7076]]

SUMMARY: Section 107 of the Terrorism Risk Insurance Program 
Reauthorization Act of 2015 (Reauthorization Act) requires the 
Secretary of the Treasury (Secretary) to conduct a study on the 
certification process in the Terrorism Risk Insurance Act of 2002, as 
amended (TRIA). The Secretary also must submit a report on the results 
of its study to Congress. To assist the Secretary in conducting the 
study and formulating the report, the Federal Insurance Office (FIO) is 
issuing this request for comment.

DATES: Comments must be submitted not later than March 6, 2015.

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.
    Additional Instructions. Responses should also include: (1) The 
data or rationale, including examples, supporting any opinions or 
conclusions; (2) approaches and options respecting improvement of the 
certification process, if any; and, (3) any specific legislative, 
administrative, or regulatory proposals for carrying out such 
approaches or options.

FOR FURTHER INFORMATION CONTACT: Brett D. Hewitt, Policy Advisor, 
Federal Insurance Office, Room 1410, Department of the Treasury, 1500 
Pennsylvania Avenue NW., Washington, DC 20220, at (202) 622-5892 (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:

I. Background

    Section 107(b) of the Reauthorization Act (Pub. L. 114-1) requires 
the Secretary to conduct a study on the process by which the Secretary 
determines whether to certify an act as an ``act of terrorism'' under 
section 102(1) of TRIA (``Certification Study''). Section 107(c) of the 
Reauthorization Act prescribes certain factors that the Certification 
Study must examine. After completing the Certification Study, the 
Department of the Treasury (Treasury) must submit a report on its 
results to Congress.

II. Solicitation for Comments

    A. Collecting information and views on the factors that must be 
analyzed in the Certification Study will enhance the accuracy and value 
of the study and report to Congress. Accordingly, comments are sought 
on:
    1. The establishment of a reasonable timeline by which the 
Secretary must make an accurate determination on whether to certify an 
act as an act of terrorism;
    2. The impact that the length of any timeline proposed to be 
established may have on the insurance industry, policyholders, 
consumers, and taxpayers as a whole;
    3. The factors the Secretary would evaluate and monitor during the 
certification process, including the ability of the Secretary to obtain 
the required information regarding the amount of projected and incurred 
losses resulting from an act which the Secretary would need in 
determining whether to certify the act as an act of terrorism;
    4. The appropriateness, efficiency, and effectiveness of the 
consultation process required under section 102(1)(A) of TRIA and any 
recommendations on changes to the consultation process; and
    5. The ability of the Secretary to provide guidance and updates to 
the public regarding any act that may reasonably be certified as an act 
of terrorism.
    B. In addressing the considerations set forth in section 107(c) of 
the Reauthorization Act (as described in Paragraph (II)(A) of this 
notice), commenters are invited to submit views on:
    1. The manner and extent to which the certification timeline and 
the Secretary's ability to make an accurate determination on whether to 
certify an act as an act of terrorism may be influenced by domestic or 
international law enforcement processes; and
    2. The implications for insurers or policyholders if one or more 
events are certified as acts of terrorism but the aggregate, calendar-
year insured losses do not exceed the amount required for Treasury to 
make payments for insured losses.

    Dated: February 4, 2015.
Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2015-02563 Filed 2-6-15; 8:45 am]
BILLING CODE 4810-25-P