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Terrorism Risk Insurance Program

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 .   

 

 2018 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 2018, 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 participating insurers that: (1) fall within Treasury’s “small insurer” definition; (2) are larger insurers that are not within the small insurer definition; (3) are alien surplus lines insurers; or (4) are captive insurers. 
Prior to 2018, Treasury and state insurance regulators separately collected data concerning terrorism risk insurance.  For 2018, Treasury, state insurance regulators, and the National Association of Insurance Commissioners (NAIC) have developed a proposed consolidated collection approach that will permit companies subject to both data calls to submit the same information to Treasury and state insurance regulators, subject to certain additional information that will be submitted solely to state insurance regulators.   
Data collection in 2018 will be mandatory for insurers that participate in the Program, pursuant to Treasury’s regulations and as outlined in Treasury’s Notice seeking comments concerning the proposed consolidated collection approach and templates.  The deadline for providing comments in connection with the proposed consolidated data collection approach and 2018 data collection templates and instructions is January 29, 2018.
Participating insurers will be required to report the data elements in the proposed templates – to both Treasury and to state insurance regulators -- no later than May 15, 2018.  
 
Treasury’s Notice concerning the consolidated collection approach and the proposed collection templates is available HERE.  Proposed sample 2018 data collection templates and instructions for evaluation in providing comments are available below.  Please note that insurers will receive data collection templates from the data aggregator upon registration for the 2018 data call.  The templates provided below are for reference purposes only.
 
Also available below is a document summarizing the changes to the 2018 collection templates and instructions from Treasury’s 2017 data call.  A Notice from the NAIC concerning the consolidated collection approach is available HERE. 
Alien Surplus Lines Companies
·         Template
·         Instructions
Captive Insurers
·         Template
·         Instructions
Insurer (non-small) Groups or Companies
·        Template
·         Instructions
Small Insurers
·         Template
·         Instructions

 

 
Last Updated: 11/28/2017 9:57 AM

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