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The U.S. Department of the Treasury's Federal Insurance Office is requesting that insurers voluntarily submit information about their participation in the federal government's Terrorism Risk Insurance Program.
The request came in a notice published Friday in the Federal Register. The Terrorism Risk Insurance Program Reauthorization Act of 2015 — which extended the government's terrorism insurance backstop through 2020 — “requires the secretary of the Treasury to require insurers to submit information about their participation in TRIP and to submit a report to Congress addressing the overall effectiveness of TRIP,” according to a statement from Treasury. But for this first collection of information under the law, “FIO is requesting, and not requiring,” that insurers submit data in order to assist with the development of the report, according to Treasury.
The Terrorism Risk Insurance Program was established by the Terrorism Risk Insurance Act of 2002.
“Input from our many stakeholders has been critical to implementing TRIA in an efficient and effective manner that meets the statutory objectives, and this Federal Register notice will further that objective,” said FIO Director Michael McRaith, in the statement.
Insurers must report data by April 30. The report is supposed to be issued by FIO no later than June 30.
Risk managers are urged to revisit and rehearse their companies' travel risk management plans in the wake of the devastating Paris attacks that left 130 people dead and hundreds injured.