NCOIL, RMS, RIMS, Allstate Analyze Terrorism Risk Insurance Expiration; Comment Deadline 11:59 p.m. Tonight
Sep 16, 2013
Today, September 16, 2013, is the deadline to submit comments on the long-term availability and affordability of terrorism risk insurance pursuant to the Terrorism Risk Insurance Act (“TRIA”). The law expires on December 31, 2014.
So far, comments have been submitted from the following (click on the hyperlink to view the complete document):
- North American Chief Risk Officers Council
- University of Maryland School of Law Professor Robert Rhee
- New York Department of Financial Services Superintendent Ben Lawsky
- RIMS President Nathan Bacchus
- ProtectingAmerica.org (Admiral James M. Loy)
- National Conference of Insurance Legislators (Resolution)
- Risk Management Solutions/Dr. Gordon Woo
- Insurance Institute for Business & Home Safety (IBHS)
- Bloomberg Government Analysis
The Terrorism Risk Insurance Program Reauthorization Act of 2007 (“Program”) extended TRIA through December 31, 2014. The extension required an ongoing analysis of the long-term availability and affordability of insurance for terrorism risk from The President’s Working Group, which most recently submitted a 2010 report updating its 2006 analysis.
Another TRIA update from the President’s Working Group is required by September 30, 2013. Inclusive of comments submitted by today’s deadline, this will be done in consultation with the National Association of Insurance Commissioners, representatives of the insurance industry, representatives of the securities industry and representatives of insurance policyholders.
To view the complete Notice of Request for Comments as originally published in the Federal Register, click here.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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