The Risk and Insurance Management Society has sent a letter to the Federal Insurance Office, Department of the Treasury in support of simplifying the process by which destructive acts are certified as terrorist events, RIMS said in a statement Tuesday.

In its letter, RIMS proposed putting in place a 60- to 90-day deadline from the date of an event for the Secretary of the Treasury to make the determination whether the event was terrorism.

This would help alleviate much of the uncertainty which permeated the market after the 2013 Boston Marathon bombings, according to RIMS.

The deadline would be subject to request for a 30-day extension in which the Secretary of the Treasury would have to explain why such an extension is necessary.

“This would allow policyholders and insurers to have a better understanding of where the certification process stands and why an extension is necessary to make a proper decision,” RIMS wrote in its letter.

The letter also recommended that insurers be allowed to quickly assess any total projected loss and that this figure be used as a reference point for “insured loss” to help determine if the event meets the required terrorism insurance backstop trigger.

“Utilizing this definition of insured losses would allow the Department to make a decision much more quickly and effectively than waiting for all claims to be paid, which could take months, if not years,” the letter said.

The 2015 Terrorism Risk Insurance Act extension moved certification decision-making authority to the Secretary of Treasury in consultation with the Secretary of Homeland Security and away from the previous requirement that the Secretary of Treasury, Attorney General, and the Secretary of State make the decision together, a move welcomed by RIMS.

“Unnecessary complications or delays in the Government's decision-making process regarding terrorism certification only leads to greater uncertainty in the insurance marketplace,” RIMS President Rick Roberts said in the statement.