97-7490. Agency Information Collection Activities: Proposed Collection; Comment Request

[Federal Register Volume 62, Number 57 (Tuesday, March 25, 1997)]
[Notices]
[Pages 14140-14141]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-7490]


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FEDERAL EMERGENCY MANAGEMENT AGENCY


Agency Information Collection Activities: Proposed Collection; 
Comment Request

ACTION: Notice and request for comments.

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SUMMARY: The Federal Emergency Management Agency, as part of its 
continuing effort to reduce paperwork and respondent burden, invites 
the general public and other Federal agencies to take this opportunity 
to comment on proposed continuing information collections. In 
accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3506(c)(2)(A)), this notice seeks comments concerning the marketing of 
flood insurance. The federal government will be a guarantor of flood 
insurance coverage for WYO company policies issued under the WYO 
arrangement. To insure that any policy holder money is accounted for 
and appropriately expended, the Federal Insurance Administration (FIA) 
and WYO companies will implement a Financial Control Plan. This plan 
requires that each WYO company submit financial data on a monthly 
basis.

Supplementary Information: FEMA regulation 44 CFR Part 62, Appendix B 
explains the operational and financial control procedures governing the 
issuance of flood insurance coverage under the National Flood Insurance 
Program (NFIP) by private sector property insurance companies under the 
WYO programs. The WYO companies are required to submit financial data 
on a monthly basis. The NFIP examines the data to insure that the 
policy holder funds are accounted for and appropriately expended. 
Monthly financial statements are prepared by the NFIP for the WYO 
program based on the data submitted by the WYO companies.

Collection of Information

    Title: Write-Your-Own (WYO) Program.
    Type of Information Collection: Extension.
    OMB Number: 3067-0169.
    Form Number: None.
    Abstract: Under the Write-Your-Own program, private sector 
insurance companies may offer flood insurance to eligible property 
owners. The federal government is a guarantor of flood insurance 
coverage for WYO companies, issued under the WYO arrangement. In order 
to maintain adequate financial control over federal funds, the NFIP 
requires each WYO company to submit a monthly financial report.
    Affected Public: Businesses or other for-profit.
    Estimated Total Annual Burden Hours: The area currently 120 WYO 
companies reporting monthly to NFIP. This number will remain stable 
with minimal increases or decreases throughout year 2000. Is is 
estimated that a total of 33 minutes is required per

[[Page 14141]]

WYO company per monthly report, to satisfy all requirements in the 
Financial Control Plan and WYO Accounting Procedures Manual. The 33-
minute burden estimate is based on manual posting of company data onto 
these reports. Total annual burden for this request is 792 hours.
    Frequency of Reporting: Monthly.
    Estimated Cost: Actual ``cost'' of the WYO program to the 
government is difficult to assess because, were it not for the WYO 
companies, the government would incur operating expenses, agent's 
commission expenses and loss adjustment expense in connection with the 
policies issued by the WYO company. The annualized cost of the report 
in question to the Federal government and to the respondents is 
negligible.

COMMENTS: Written comments are solicited to (a) evaluate whether the 
proposed data collection is necessary for the proper performance of the 
agency, including whether the information shall have practical utility; 
(b) evaluate the accuracy of the agency's estimate of the burden of the 
proposed collection of information, including the validity of the 
methodology and assumptions used; (c) enhance the quality, utility, and 
clarity of the information to be collected; and (d) minimize the burden 
of collection of information on those who are to respond, including 
through the use of appropriate automated, electronic, mechanical, or 
other technological collection techniques or other forms of information 
technology, e.g. permitting electronic submission of responses. 
Comments should be received within 60 days from the date of this 
notice.

ADDRESSES: Interested persons should submit written comments to Muriel 
B. Anderson, FEMA Information Collections Officer, Federal Emergency 
Management Agency, 500 C Street, SW., Room 311, Washington, DC 20472. 
Telephone number [phone]. FAX number [phone].

FOR FURTHER INFORMATION CONTACT: Contact Kevin F. Montgomery, Financial 
Management Specialist, Federal Insurance Administration, [phone] 
for additional information. Contact Ms. Anderson at [phone] for 
copies of the proposed collection of information.

    Dated: March 17, 1997.
Reginald Trujillo,
Director, Program Services Division, Operations Support Directorate.
[FR Doc. 97-7490 Filed 3-24-97; 8:45 am]
BILLING CODE 6718-01-P