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Member, Beacon International Group, Ltd.
WASHINGTON—The U.S. Treasury Department is seeking comments on the long-term availability and affordability of terrorism risk insurance.
The department on Monday sent the notice to the Federal Register for publication. The comment period will close 45 days after the notice is published.
U.S. law requires that the President’s Working Group on Financial Markets, which Treasury Secretary Timothy Geithner chairs, conduct an ongoing analysis of the terrorism insurance market. The working group is required to submit its findings to Congress later this year.
The federal terrorism insurance backstop program, which was created by the Terrorism Risk Insurance Act of 2002 and extended most recently by the Terrorism Risk Insurance Program Reauthorization Act of 2007, is slated to expire in 2014.
The Treasury notice is available at www.treas.gov.