NU Online News Service, June 14, 12:05 p.m. EDT
The U.S. Department of the Treasury is seeking comments on the long-term availability and affordability of terrorism risk insurance.
The Treasury said the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007, requires the President's Working Group on Financial Markets, which the Treasury chairs, to perform an ongoing analysis regarding the long-term availability and affordability of insurance for terrorism risk. The working group must submit a report to Congress this year.
The 2007 legislation extended TRIA until Dec. 31, 2014.
The Treasury said the working group is conducting its analysis in consultation with the National Association of Insurance Commissioners, representatives of the insurance industry, representatives of the securities industry and representatives of policyholders.
These parties and others have 45 days to submit comments though the Federal eRulemaking Portal.
The Treasury's request for feedback, filed today in the form of a Federal Register Notice, provides 32 questions that may be used as guidance for comments. Questions include key factors in determining private market capacity and availability and affordability of terrorism coverage; impact of the economy on coverage availability; changes in underwriting, coverage and demand since 2006; and the availability and cost of reinsurance.
The working group consists of the Secretary of the Treasury, the Chairman of the Federal Reserve Board, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading Commission.
For more information, contact C. Christopher Ledoux, acting director, Office of Financial Institutions Policy, at 202-622-2730.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
