NAIC Response to TRIA Expiration
Terrorism Risk Insurance: Market Challenges May Exist for Current Structure and Alternative Approaches
January 2017, Government Accountability Office Report
Report on the Overall Effectiveness of the Terrorism Risk Insurance Program
June 2016, Federal Insurance Office
TRIA Renewed … at Long Last
February 2015, CIPR Newsletter
TRIA Renewal: Why Are We Waiting?
April 2014, CIPR Newsletter
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Assistant Director, Data Collection and Statistical Analysis
Last Updated 6/27/2018
The NAIC is committed to working with Congress, the Administration, state officials, and the industry to develop a long-term plan to make terrorism insurance available and affordable. President Obama signed the Terrorism Risk Insurance Program Reauthorization Act of 2015 (H.R.26) on January 12, 2015. The program was extended through December 31, 2020.
Several provisions of the initial Act have changed in the 2015 extension. Some of the more significant changes include:
In the absence of private market innovations and solutions, sustaining a viable private market for terrorism insurance depends on a federal backstop. The NAIC and state insurance commissioners play an essential role administering the terrorism risk insurance program—issuing timely guidance to insurers and consulting with the Federal Insurance Office and its Terrorism Risk Insurance Program Office.
The NAIC has played an active role in fostering the program and providing assistance to insurers and the federal government as the program is implemented. The NAIC and its members have also testified before both houses of Congress on the need to extend the program.
The NAIC Property and Casualty Insurance (C) Committee and its Terrorism Insurance Implementation Working Group (TIIWG) recently adopted a model bulletin, including an expedited filing form intended to help state insurance regulators advise insurers about regulatory requirements related to providing terrorism insurance under the revised program. The model bulletin provides guidance to insurers related to rate filings and policy language that state regulators would find acceptable to protect U.S. businesses from acts of terrorism. The model bulletin describes important changes that are contained in the Act and informs insurers regarding whether rate and policy form filings might be needed.
The Working Group adopted the Model Disclosure Forms [Form 1] [Form 2]. Insurers use the forms as drafted, they may modify the forms to meet individual circumstances or use forms that are substantially similar. The U.S. Department of the Treasury worked with the Committee and the Working Group to assure that the disclosures satisfy the revised disclosure requirements in the Act.
State insurance regulators began collecting data related to terrorism risk insurance in 2016. Additional information on that data collection process can be found on the NAIC website.The U.S. Department of the Treasury website provides updated information on the Program, including announcements of all rulemakings, interpretive guidance, and requests for public comments. A link to these can be found at http://www.treasury.gov/resource-center/fin-mkts/Pages/program.aspx