FEDERAL SHARE CLAIM PROCESS
Payment to Insurers
To make payment of the Federal share of compensation, Treasury will utilize existing systems now used for the payment of contracts and grants. Insurers will have to be registered in the Central Contract Registration. CCR, www.ccr.gov, is the primary vendor database for the U.S. Federal Government. CCR collects, validates, stores and disseminates data in support of agency acquisition missions and in the case of TRIP, expedites authorized payments of the Federal share of losses. The registration information on file in CCR is used by the Treasury finance office to facilitate payment through electronic funds transfer (EFT) to the insurer's bank.
TRIP regulations permit insurers to include on their bordereaux (Schedule C) and Certifications of Loss (COL) requests for payment of the Federal share of compensation for both (1) insurer claim payments already made, and (2) insurer claim payments about to be made as defined in the regulation. After Facility review and Treasury approval of the COL, the insurer will be notified that the COL has been approved and the Federal share of compensation has been transferred to the insurer’s account.
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Last Updated:
May 3, 2007
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