The Terrorism Risk Insurance Program Essay

1408 Words Oct 21st, 2016 6 Pages
The Terrorism Risk Insurance Program Reauthorization Act of 2015 (the “Act”) renewed the Terrorism Insurance Program which established “a temporary Federal program that provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.” TRIA § 101(b). Under the 2015 reauthorization of the Terrorism Risk Insurance Program, Congress saw fit to require that:
During the calendar year beginning on January 1, 2016, and in each calendar year thereafter, the Secretary shall require insurers participating in the Program to submit to the Secretary such information regarding insurance coverage for terrorism losses of such insurers as the Secretary considers appropriate to analyze the effectiveness of the Program, which shall include information regarding--
(A) lines of insurance with exposure to such losses;
(B) premiums earned on such coverage;
(C) geographical location of exposures;
(D) pricing of such coverage;
(E) the take-up rate for such coverage;
(F) the amount of private reinsurance for acts of terrorism purchased; and
(G) such other matters as the Secretary considers appropriate.

TRIA § 104(h).
Notwithstanding the language of TRIA § 104(h), the Treasury determined that:
In order to avoid inadvertently imposing an unanticipated level of burden on participating insurers without due consideration, Treasury is requesting, and not requiring, that participating insurers submit the data enumerated in the section 111 data…

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