50.8—Procedure for requesting determinations of controlling influence.
(a)
(c)
urer or insurers not having control
over another insurer under § 50.5(c)(2)(i) or
(c)(2)(ii) may make a written submission to
Treasury to rebut a presumption of controlling
influence under § 50.5(c)(4)(i) through (iv)
or otherwise to request a
determination of controlling influence. Such
submissions shall be made to the Terrorism Risk
Insurance Program Office, Department of the
Treasury, Suite 2110, 1425 New York Ave NW,
Washington, D.C. 20220. The submission should be
entitled, “Controlling Influence Submission,” and
should provide the full name and address of the
submitting insurer(s) and the name, title, address
and telephone number of the designated contact
person(s) for such insurer(s).
(b)
Treasury will review submissions and
determine whether Treasury needs additional
written or orally presented information. In its
discretion, Treasury may schedule a date, time and
place for an oral presentation by the
insurer(s).
(c)
An insurer or insurers must provide all
relevant facts and circumstances concerning the
relationship(s) between or among the affected
insurers and the control factors in §
50.5(c)(4)(i) through (iv); and must explain in
detail any basis for why the insurer believes that
no controlling influence exists (if a presumption
is being rebutted) in light of the particular
facts and circumstances, as well as the Act's
language, structure and purpose. Any confidential
business or trade secret information submitted to
Treasury should be clearly marked. Treasury will
handle any subsequent request for information
designated by an insurer as confidential business
or trade secret information in accordance with
Treasury's Freedom of Information Act regulations
at 31 C.F.R. Part 1.
(d)
Treasury will review and consider the
insurer submission and other relevant facts and
circumstances. Unless otherwise extended by
Treasury, within 60 days after receipt of a
complete submission, including any additional
information requested by Treasury, and including
any oral presentation, Treasury will issue a final
determination of whether one insurer has a
controlling influence over another insurer for
purposes of the Program. The determination shall
set forth Treasury's basis for its
determination.
(e)
This § 50.8 supersedes the Interim Guidance
issued by Treasury in a notice published on March
27, 2003 ( 68 FR 15039 ).
(Approved by the Office of Management &
Budget under control number 1505-0190)