On November 26, 2002, the President signed into law the Terrorism Risk Insurance Act of 2002 (Pub. L. 107–297, 116 Stat. 2322) [TRIA]. TRIA 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 terrorism. The Secretary of the Treasury administers the program with the assistance of the Federal Insurance Office.
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 2005]. TRIEA extended 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 2007] which further extended TRIP through December 31, 2014.
On January 12, 2015, the President signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2015 (Pub. L. 114-1, 129 Stat. 3) [TRIPRA 2015], which amends the expiration date of TRIP to December 31, 2020.
With the enactment of TRIPRA 2015, Treasury has provided guidance to address, on an interim basis, certain aspects relating to the implementation of the Program. The guidance is available here as well as under the link to Interim Guidance. Additional materials addressing TRIA, TRIEA 2005, TRIPRA 2007, TRIPRA 2015, and TRIP, including prior regulatory actions and interpretive letters, are contained on this website.
Reauthorization and Approval of Program Administration Forms and Information Collections
In the event of a certified “act of terrorism” under TRIA (or consideration to certify such an act), The Terrorism Risk Insurance Program (TRIP) is administered (in terms of claims, potential recoupments of amounts paid by Treasury, and other issues) through various forms, information collections, and record retention requirements. These information collections must be periodically submitted to the Office of Management and Budget (OMB) for approval or reauthorization. The recent comprehensive revision to the Program Rules (31 CFR Part 50) requires a number of minor changes to existing forms, and authorizes certain additional collections.
None of the information collections below need to be completed or submitted unless the Secretary of the Treasury is considering certifying, or has certified, an act of terrorism under TRIA. However, before these information collections are submitted to OMB for approval, Treasury seeks comments from the public regarding their contents.
Treasury’s Notice concerning the Program Forms and Information Collections is available here. PDF copies of the Program Forms (including relevant instructional materials in connection with certain forms) for evaluation in providing comments are available below. The deadline for providing comments in connection with these Program Forms and Information Collections is May 12, 2017.
Treasury Form TRIP 01 (Notice of Deductible Erosion)
Treasury Form TRIP 02 (Certification of Loss)
Treasury Form TRIP 02A Schedule A (Direct Earned Premium and Deductible)
Treasury Form TRIP 02B Schedule B (Compliance Certification)
Treasury Form TRIP 02B Schedule C (Bordereau)
Treasury Form TRIP 03 (Notice of Proposed Settlement of Third Party Claim Request for Approval)
Treasury Form TRIP 04A (Direct Written Premium and Monthly Surcharge Calculation)
Treasury Form TRIP 04B (Direct Written Premium and End of Year Surcharge Calculation)
Treasury Form TRIP 05 (Data Call)
Treasury Form TRIP 06 (Certification Data Call)
Treasury Form TRIP 07 (Monthly Claims Report)
2017 Annual Data Collection
Under Section 111 of Terrorism Risk Insurance Program Reauthorization Act of 2015 Treasury is collecting data relating to the effectiveness of the Program, which it will use in connection with the reports that it must submit to Congress during the period the Program remains in effect. For Calendar Year 2017, Treasury has developed four separate templates for the collection of data, depending upon the nature and size of the insurer’s operations. Separate templates have been developed for insurers that fall within Treasury’s “small insurer” definition, for larger insurers that are not within that definition, for alien surplus lines insurers, and for captive insurers.
Data collection in 2017 will be mandatory for insurers that participate in the Program, pursuant to Treasury’s rules and as defined in the proposed templates and in Treasury’s Notice seeking comments concerning the proposed collection templates. Treasury’s Notice concerning the proposed collection templates is available here. PDF copies of the proposed 2017 Data Collection Templates and Instructions for evaluation in providing comments are available below. The deadline for providing comments in connection with the proposed 2017 Data Collection Templates and Instructions is February 27, 2017.
Alien Surplus Lines Companies
Insurer (non-small) Groups or Companies