Department of Treasury Seeks Insurance Sector Comments on Terrorism Risk Insurance Program
Client Alert | 2 min read | 04.05.22
The Federal Insurance Office (FIO) within the Department of Treasury is currently soliciting comments from the insurance sector and other stakeholders on the effectiveness of the Terrorism Risk Insurance Program (TRIP). The Terrorism Risk Insurance Act of 2002 (TRIA) created TRIP following the 9/11 terrorist attacks. TRIA requires participating insurers to make insurance available for losses that result from acts of terrorism and provides a federal backstop for insurers’ financial exposures resulting from such coverage. TRIA requires the Secretary of Treasury to submit a report to Congress on the program’s effectiveness by June 30, 2022, and the FIO is seeking comments to assist the Department in preparing that report.
Among other topics, the FIO seeks input on the “current state of the cyber insurance market, including the scope of the coverage available, the availability and affordability of such coverage, and the effect of ransomware-related losses on the market,” terrorism risk insurance issues presented by cyber-related losses and the program’s impact on such exposures, including views on cyber-related terrorism losses included within TRIP, and the availability of reinsurance or capital markets support for cyber-related losses arising from acts of terrorism.
The FIO further suggests that it would consider changes to TRIA or TRIP that would “encourage the take up of insurance for cyber-related losses arising from acts of terrorism as defined under TRIA.” Among the potential changes it would consider are “modification of the lines of insurance covered by TRIP and revisions to the current sharing mechanisms for cyber-related losses.”
It also seeks comments on the overall effectiveness of TRIP, the availability and affordability of terrorism risk insurance, whether any aspects of TRIP have the effect of discouraging or impeding insurers from providing one or more lines of commercial property and casualty insurance coverage or coverage for acts of terrorism, and whether any lines of insurance or coverages within certain lines of insurance that are not currently subject to TRIP should be included within the program, among others.
Comments may be submitted electronically through the Federal eRulemaking Portal at http://www.regulations.gov or by mail to the Federal Insurance Office. Comments must be submitted on or before May 16, 2022.
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