On November 26, 2002, the President signed into law the Terrorism Risk Insurance Act of 2002 (Pub. L. 107–297, 116 Stat. 2322) [TRIA]. The law created a temporary federal program that provides for a transparent system of shared public and private compensation for certain insured losses resulting from a certified act of terror. The Treasury Department administers the program.
On December 22, 2005, the President signed into law The Terrorism Risk Insurance Extension Act of 2005 (Pub. L. 109-144, 119 Stat. 2660) [TRIEA]. The law extended the life of TRIP through December 31, 2007.
On December 26, 2007, the President signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007 (Pub. L. 110-160, 121 Stat. 1839) [TRIPRA]. The law extended the life of TRIP through December 31, 2014.
TRIA, related rules found in 31 C.F.R. Part 50 contain certain definitions, requirements, and procedures for insurers filing claims with Treasury for payment of the Federal share of compensation for insured losses under the TRIP. The Claims Procedures Rule, in particular, specifically addresses requirements for Federal payment, the submission of an initial notice of insured loss, loss certifications, the timing and process for payment, associated recordkeeping requirements, as well as Treasury’s audit and investigation authority. These procedures will apply to all insurers that wish to receive their payment of the Federal share of compensation for insured losses under TRIA. Insurers are advised to review the legislation and TRIP regulations before submitting information.
Additional materials addressing the TRIA, TRIEA, TRIPRA and TRIP, including Treasury issued interpretive letters, are contained on this website. Also, a “browsable” version of all of Treasury’s TRIP related regulations can be accessed through the Electronic Code of Federal Regulations.