105688 Federal Register / Vol. 89, No. 248 / Friday, December 27, 2024 / Notices 

1Public Law 107–297, sec. 101(b), 116 Stat. 2322, 

codified at 15 U.S.C. 6701 note. Because the 

provisions of TRIA (as amended) appear in a note 

instead of particular sections of the U.S. Code, the 

provisions of TRIA are identified by the sections of 

the law. 

2See Terrorism Risk Insurance Extension Act of 

2005, Public Law 109–144, 119 Stat. 2660; 

Terrorism Risk Insurance Program Reauthorization 

Act of 2007, Public Law 110–160, 121 Stat. 1839; 

Terrorism Risk Insurance Program Reauthorization 

Act of 2015, Public Law 114–1, 129 Stat. 3 (2015 

Reauthorization Act); Terrorism Risk Insurance 

Program Reauthorization Act of 2019, Public Law 

116–94, 133 Stat. 2534. 

3 31 U.S.C. 313(c)(1)(D). 

4See TRIA, sec. 103(e)(7); see also 31 CFR part 

50 subpart J (Recoupment and Surcharge 

Procedures). 

5 In 2015, the IMARA was $29.5 billion; it 

increased to $31.5 billion in 2016, $33.5 billion in 

2017, $35.5 billion in 2018, and $37.5 billion in 

2019. See TRIA, sec. 103(e)(6)(B). 

6TRIA, sec. 103(e)(6)(B)(ii) and (e)(6)(C). An 

insurer’s deductible under the Program for any 

particular year is 20 percent of its direct earned 

premium subject to the Program during the 

preceding year. TRIA, sec. 102(7). For example, an 

insurer’s calendar year 2024 Program deductible is 

20 percent of its calendar year 2023 direct earned 

premium. 

7See 84 FR 62450 (November 15, 2019) (Final 

Rule). 

The collections of information relevant 

to this request are contained in 

§§ 501.601 through 501.605, 501.801, 

and 501.804 through 501.807, and 

certain other parts of 31 CFR chapter V, 

and pertain to the operation of various 

economic sanctions programs 

administered by OFAC under 31 CFR 

chapter V. 

In addition, OFAC seeks to 

consolidate within this information 

collection request five existing 

information collection requests, which 

are relevant to 31 CFR 501.801, 515.572, 

561.504, and 566.504. 

Forms: For filers who have been 

granted an exception from electronic 

reporting using the OFAC Reporting 

System (ORS), OFAC allows the 

submission of the following, through the 

following approved forms: the Annual 

Report of Blocked Property (ARBP), TD– 

F 90–22.50; Report on Blocked 

Property—Financial, TD–F 93.02; 

Report on Blocked Property—Tangible/ 

Real/Other Non-Financial Property, TD– 

F 93.08; Report on Rejected Transaction, 

TD–F 93.07. OFAC also maintains the 

following forms related to licensing: 

TSRA License Application, TD–F 93.04; 

Licensing Cover Sheet, TD–F 98–22.61; 

and Application for the Release of 

Blocked Funds TD–F 90–22.54. In 

addition, OFAC issued a new form, 

REPO for Ukrainians Act Report Form, 

TD–F 93.09, to implement a new 

reporting requirement pursuant to the 

Rebuilding Economic Prosperity and 

Opportunity for Ukrainians Act for 

financial institutions holding Russian 

sovereign assets, if not previously 

reported to OFAC. The other 

information collections covered by this 

notice do not have mandatory or 

voluntary forms. 

Affected Public: Financial 

institutions, business organizations, 

nonprofit organizations, individuals, 

households, nongovernmental 

organizations, and legal representatives. 

Estimated Number of Respondents: 

10,900. 

Frequency of Response: The estimated 

annual frequency of responses is 

between 1 and 17,800, varying greatly 

by entity depending on the size, nature, 

and scope of business activities of each 

respondent, with the majority of filers 

providing a small number of responses 

and a small number of filers submitting 

a higher number of responses. 

Estimated Total Number of Annual 

Responses: 2,502,086. 

Estimated Time per Response: OFAC 

assesses that there is an average time 

estimate for reports associated with 

forms ranging from 15 minutes to 2 

hours and for reports associated with 

general licenses, Cuba remittances, Cuba 

travel, closure of correspondent or 

payable-through accounts, and other 

miscellaneous reports ranging from 1 

minute to 5 hours. 

Estimated Total Annual Burden 

Hours: 86,223. 

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

Spencer W. Clark, 

Treasury PRA Clearance Officer. 

[FR Doc. 2024–30825 Filed 12–26–24; 8:45 am] 

BILLING CODE 4810–AK–P 

DEPARTMENT OF THE TREASURY 

RIN 1505–AC62 

IMARA Calculation for Calendar Year 

2025 Under the Terrorism Risk 

Insurance Program 

AGENCY: Departmental Offices, 

Department of the Treasury. 

ACTION: Notice. 

SUMMARY: The Department of the 

Treasury (Treasury) is providing notice 

to the public of the insurance 

marketplace aggregate retention amount 

(IMARA) for calendar year 2025 for 

purposes of the Terrorism Risk 

Insurance Program (TRIP or the 

Program) under the Terrorism Risk 

Insurance Act, as amended (TRIA or the 

Act). As explained below, Treasury has 

determined that the IMARA for calendar 

year 2025 is $53,366,227,478. 

DATES: The IMARA for calendar year 

2025 is effective January 1, 2025 

through December 31, 2025. 

FOR FURTHER INFORMATION CONTACT: 

Richard Ifft, Lead Management and 

Senior Regulatory Policy Analyst, 

Terrorism Risk Insurance Program, 

Federal Insurance Office, 202–622–2922 

or Theodore Newman, Senior Insurance 

Regulatory Policy Analyst, Federal 

Insurance Office, 202–622–7009. 

SUPPLEMENTARY INFORMATION: 

I. Background 

TRIA—which established TRIP—was 

signed into law on November 26, 2002, 

following the attacks of September 11, 

2001, to address disruptions in the 

market for terrorism risk insurance, to 

help ensure the continued availability 

and affordability of commercial 

property and casualty insurance for 

terrorism risk, and to allow for the 

private markets to stabilize and build 

insurance capacity to absorb any future 

losses for terrorism events.1 TRIA 

requires insurers to ‘‘make available’’ 

terrorism risk insurance for commercial 

property and casualty losses resulting 

from certified acts of terrorism, and 

provides for shared public and private 

compensation for such insured losses. 

The Program has been reauthorized four 

times, most recently by the Terrorism 

Risk Insurance Program Reauthorization 

Act of 2019.2 The Secretary of the 

Treasury (Secretary) administers the 

Program, with assistance from the 

Federal Insurance Office (FIO).3

TRIA provides for an ‘‘industry 

marketplace aggregate retention 

amount’’ or ‘‘IMARA’’ to be used for 

determining whether Treasury must 

recoup any payments it makes under the 

Program. Under the Act, if total annual 

payments by all participating insurers 

are below the IMARA, then Treasury 

must recoup all amounts expended by it 

up to the IMARA threshold. If total 

annual payments by all participating 

insurers are above the IMARA, then 

Treasury has the discretionary authority 

(but not the obligation) to recoup all of 

the expended amounts that are above 

the IMARA threshold.4

TRIA provides for a schedule of 

defined IMARA values from calendar 

year 2015 through calendar year 2019.5

For calendar year 2020 and beyond, 

TRIA states that the IMARA ‘‘shall be 

revised to be the amount equal to the 

annual average of the sum of insurer 

deductibles for all insurers participating 

in the Program for the prior 3 calendar 

years,’’ as such sum is determined 

pursuant to final rules issued by the 

Secretary.6

On November 15, 2019, Treasury 

issued a final rule for calculation of the 

IMARA.7 This rule, which is codified at 

31 CFR 50.4(m)(2), provides that the 


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Federal Register / Vol. 89, No. 248 / Friday, December 27, 2024 / Notices 105689 

8The figures from the 2022 and 2021 TRIP data 

calls were previously reported in the IMARA 

calculation for calendar year 2024. See 88 FR 87843 

(December 19, 2023). The figures from the 2024 

TRIP data call were previously reported in FIO’s 

June 2024 Report on the Effectiveness of the 

Terrorism Risk Insurance Program (June 2024), 10 

(Figure 1), https://home.treasury.gov/system/files/ 

311/2024ProgramEffectiveness

ReportFINAL6.28.2024508.pdf, and have been 

updated to include data received by FIO after the 

reporting deadline. Some figures may not add up 

on account of rounding. 

9See note 7. 

IMARA will be calculated by averaging 

the annual industry aggregate 

deductibles over the prior three 

calendar years, based upon the direct 

earned premiums (DEP) reported to 

Treasury by insurers in Treasury’s 

annual data calls. Insurer deductibles 

under the Program are based upon the 

DEP of individual insurers reported to 

Treasury in the prior year (e.g., 2023 

DEP for 2024 calendar year program 

deductibles). 

Accordingly, for purposes of 

determining the IMARA for calendar 

2025, Treasury has averaged the 

aggregate insurer deductibles for 

calendar years 2024, 2023, and 2022 (as 

reported to Treasury in each of these 

years), which are based on the reported 

DEP for calendar years 2023, 2022, and 

2021, respectively. 

For purposes of the 2025 IMARA 

calculation, those figures are as follows: 

TRIP-ELIGIBLE DEP BY INSURER CATEGORY 8

2022 TRIP data call 2023 TRIP data call 2024 TRIP data call 

2021 DEP in 

TRIPeligible lines % of total 

2021 DEP in 

TRIPeligible lines % of total 

2021 DEP in 

TRIPeligible lines % of total 

Alien Surplus Lines Ins ................................................ $12,107,214,064 5 $16,954,356,655 6 $16,431,481,136 6 

Captive Insurers ........................................................... 14,359,289,661 6 11,992,422,807 4 13,952,931,340 5 

Non-Small Insurers ...................................................... 186,901,545,992 78 209,307,242,717 78 227,192,745,100 78 

Small Insurers .............................................................. 26,226,080,899 11 31,206,381,036 12 33,861,720,766 12 

Total ...................................................................... 239,594,130,617 100 269,460,403,215 100 291,438,878,341 100 

Source: 2022–2024 TRIP Data Calls. 

Treasury has used these reported 

premiums to calculate the IMARA for 

calendar year 2025. The average annual 

DEP figure for the combined period of 

2021, 2022, and 2023 is 

$266,831,137,391 [($239,594,130,617 + 

$269,460,403,215 + $291,438,878,341)/3 

= $266,831,137,391]. The average 

aggregate deductible for the prior three 

years is 20 percent of $266,831,137,391, 

which equals $53,366,227,478.9

Accordingly, the IMARA for purposes of 

calendar year 2025 is $53,366,227,478. 

Dated: December 19, 2024. 

Steven E. Seitz, 

Director, Federal Insurance Office. 

[FR Doc. 2024–30885 Filed 12–26–24; 8:45 am] 

BILLING CODE 4810–AK–P 

DEPARTMENT OF VETERANS 

AFFAIRS 

[OMB Control No. 2900–XXXX] 

Agency Information Collection 

Activity: Veterans Legacy Memorial 

(VLM) 

AGENCY: National Cemetery 

Administration, Department of Veterans 

Affairs. 

ACTION: Notice. 

SUMMARY: National Cemetery 

Administration (NCA), Department of 

Veterans Affairs (VA), is announcing an 

opportunity for public comment on the 

proposed collection of certain 

information by the agency. Under the 

Paperwork Reduction Act (PRA) of 

1995, Federal agencies are required to 

publish notice in the Federal Register 

concerning each proposed collection of 

information, including each proposed 

extension of a currently approved 

collection, and allow 60 days for public 

comment in response to the notice. 

DATES: Comments must be received on 

or before February 25, 2025. 

ADDRESSES: Comments must be 

submitted through www.regulations.gov. 

FOR FURTHER INFORMATION CONTACT: 

Program-Specific information: Brian 

Hurley, 202–957–2093, Brian.Hurley1@

va.gov. 

VA PRA information: Maribel Aponte, 

202–461–8900, vacopaperworkreduact@

va.gov. 

SUPPLEMENTARY INFORMATION: Under the 

PRA of 1995, Federal agencies must 

obtain approval from the Office of 

Management and Budget (OMB) for each 

collection of information they conduct 

or sponsor. This request for comment is 

being made pursuant to section 

3506(c)(2)(A) of the PRA. 

With respect to the following 

collection of information, NCA invites 

comments on: (1) whether the proposed 

collection of information is necessary 

for the proper performance of NCA’s 

functions, including whether the 

information will have practical utility; 

(2) the accuracy of NCA’s estimate of the 

burden of the proposed collection of 

information; (3) ways to enhance the 

quality, utility, and clarity of the 

information to be collected; and (4) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

the use of other forms of information 

technology. 

Title: Veterans Legacy Memorial 

(VLM). 

OMB Control Number: 2900–XXXX. 

https://www.reginfo.gov/public/do/ 

PRASearch (Once at this link, you can 

enter the OMB Control Number to find 

the historical versions of this 

Information Collection). 

Type of Review: Existing collection in 

use without an OMB Control Number. 

Abstract: NCA owns and manages the 

Veterans Legacy Memorial (VLM)—the 

largest Veteran memorialize site in the 

nation. VLM provides eligible Veterans 

with enhanced memorialization services 

by honoring their military service 

through online, web-based memorial 

pages. Users such as Next of Kin, 

friends, researchers, servicemembers, 

and the public are permitted to submit 

a variety of content to a Veterans VLM 

page including tributes, images, 

biographies, career and life milestones, 

documents, and more. Living Veterans 

who have requested and received an 

eligibility determination for burial in a 

VA national cemetery in advance of 

need may also submit biographical 

content to the VA so that after they die, 

if a VLM page is created for them by the 

VA, the content they submitted will 

appear on their VLM page. Next of Kin 

and Living Veterans are sent a general 

solicitation for this voluntary 

information, and all submitted content 

is moderated by the VA to ensure it 

complies with the VLM User Policy, 


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