Treasury Department issues final TRIA regulations to reflect the 2019 reauthorization and incorporate guidance issued in 2016 on cyber liability. SUMMARY: The Department of the Treasury (Treasury) is issuing this final rule to implement technical changes to the Terrorism Risk Insurance Program (TRIP or Program) rules in response to the Terrorism Risk Insurance Program Reauthorization…
Under the Terrorism Risk Insurance Act of 2002, as amended (TRIA),1 the Secretary of the Treasury (Secretary) is required to submit a report regarding the Terrorism Risk Insurance Program (TRIP or Program) to the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate….
Download the full letter here. June 11, 2020 Federal Insurance OfficeATTN: Richard Ifft, Room 1410 MTU.S. Department of the Treasury1500 Pennsylvania Avenue NWWashington, DC 20220 RE: 2020 Report on the Effectiveness of the Terrorism Risk Insurance Program Dear Mr. Ifft: The Coalition to Insure Against Terrorism (“CIAT”) files these comments in response to the Request…
The U.S. Government Accountability Office recently released a report that found that under the Terrorism Risk Insurance Act (TRIA), Treasury has processes for certifying terrorist events and fulfilling claims under the program, but a lack of communication about aspects of Treasury’s certification process could pose challenges for insurers. TRIA was reauthorized through 2027 at the…
The U.S. Government Accountability Office recently released a report demonstrating that the Terrorism Risk Insurance Act (TRIA) reauthorizations through 2015 have decreased federal fiscal exposure, and insurers have adjusted by managing their increased risk. In December 2019, Congress reauthorized TRIA through 2027. Read the full report. After the Sept. 11 attacks, insurers generally stopped covering…
Late on Friday, Dec. 20, President Trump signed a major appropriations measure, the Further Consolidated Appropriations Act, 2020, or H.R. 1865, to fund the Federal Government through Fiscal Year 2020. Included in this legislation was the “Terrorism Risk Insurance Program Reauthorization Act of 2019” that reauthorizes the Terrorism Risk Insurance Act (TRIA) for an additional…
Coalition Says Legislation Is Needed to Protect U.S. Jobs and Economy WASHINGTON, DC, DEC. 19, 2019—The Coalition to Insure Against Terrorism (CIAT), which represents the insurance policyholder community throughout the transportation, real estate, manufacturing, construction, entertainment, education, retail, and other sectors, praises Congress for its bipartisan reauthorization of the Terrorism Risk Insurance Act (TRIA) for…
Download the full letter here. Dear Majority Leader McConnell and Democratic Leader Schumer: The undersigned organizations, representing a wide variety of business interests, strongly support S. 2877, the Terrorism Risk Insurance Program Reauthorization Act of 2019, and urge the Senate to act on this legislation as soon as possible. S. 2877 is a bipartisan compromise…
The Coalition to Insure Against Terrorism (CIAT) submitted the following letter to all Senators: Dear Senator: The Coalition to Insure Against Terrorism (“CIAT”) is pleased to support the Terrorism Risk Insurance Program Reauthorization Act of 2019 (S. 2877), and we urge you to add your name as a co-sponsor of this important measure. CIAT is…
The Coalition to Insure Against Terrorism (CIAT) submitted the following letter to Chairwoman Maxine Waters and Ranking Member Patrick McHenry: Dear Chairwoman Waters and Ranking Member McHenry: The Coalition to Insure Against Terrorism (“CIAT”) is proud to support the Committee substitute amendment to the Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634), and…
In the wake of 9/11, insurers and their reinsurers began to exclude terrorism coverage from commercial policies because they could not adequately forecast loss exposure. Commercial lenders, however, required terrorism coverage and the result was an economic paralysis felt particularly in construction and development, leading to a job loss of approximately 300,000 according the White…
Dear Chairman Crapo and Ranking Member Brown: Thank you for holding this important hearing to examine the reauthorization of the Terrorism Risk Insurance Program (TRIP). The Coalition to Insure Against Terrorism (CIAT) is writing today to express its strong support for a long-term reauthorization of TRIP and to urge prompt Congressional action to renew this…
