81 FR 16281 - 2016 Report on the Terrorism Risk Insurance Program

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 58 (March 25, 2016)

The Terrorism Risk Insurance Act of 2002, as amended (TRIA), requires participating insurers to make insurance available for losses resulting from acts of terrorism, and provides a federal government backstop for the insurers' resulting financial exposure. TRIA established, in the U.S. Department of the Treasury, the Terrorism Risk Insurance Program (TRIP), which is administered by the Secretary of the Treasury (Secretary), with the assistance of the Federal Insurance Office (FIO). The Terrorism Risk Insurance Program Reauthorization Act of 2015 (Reauthorization Act), which extended and amended certain provisions of TRIP, requires the Secretary to submit a report to Congress concerning, among other things, the overall effectiveness of TRIP. To assist the Secretary in formulating the report, FIO is seeking comment on the statutory factors that the report must analyze and other related matters.

[Federal Register Volume 81, Number 58 (Friday, March 25, 2016)]
[Notices]
[Page 16281]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-06795]


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DEPARTMENT OF THE TREASURY


2016 Report on the Terrorism Risk Insurance Program

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The Terrorism Risk Insurance Act of 2002, as amended (TRIA), 
requires participating insurers to make insurance available for losses 
resulting from acts of terrorism, and provides a federal government 
backstop for the insurers' resulting financial exposure. TRIA 
established, in the U.S. Department of the Treasury, the Terrorism Risk 
Insurance Program (TRIP), which is administered by the Secretary of the 
Treasury (Secretary), with the assistance of the Federal Insurance 
Office (FIO). The Terrorism Risk Insurance Program Reauthorization Act 
of 2015 (Reauthorization Act), which extended and amended certain 
provisions of TRIP, requires the Secretary to submit a report to 
Congress concerning, among other things, the overall effectiveness of 
TRIP. To assist the Secretary in formulating the report, FIO is seeking 
comment on the statutory factors that the report must analyze and other 
related matters.

DATES: Comments must be submitted not later than April 15, 2016.

ADDRESSES: Interested persons may submit comments electronically 
through the Federal eRulemaking Portal at http://www.regulations.gov, 
in accordance with the instructions on that site. In general, the 
Department will post all comments to www.regulations.gov without 
change, including any business or personal information provided such as 
names, addresses, email addresses, or telephone numbers. The Department 
will also make such comments available for public inspection and 
copying in the Treasury's Library, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220, on official business days between the hours of 
10:00 a.m. and 5:00 p.m. Eastern Time. You can make an appointment to 
inspect comments by telephoning (202) 622-0990. All comments, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. You should submit only 
information that you wish to make available publicly.
    Electronic submissions are encouraged.
    Comments may also be mailed to the Department of the Treasury, 
Federal Insurance Office, MT 1410, 1500 Pennsylvania Avenue NW., 
Washington, DC 20220.

FOR FURTHER INFORMATION CONTACT: Richard A. Ifft, Senior Insurance 
Regulatory Policy Analyst, Federal Insurance Office, (202) 622-2922 
(this is not a toll-free number) or Kevin Meehan, Policy Advisor, 
Federal Insurance Office, (202) 622-7009 (not a toll free number). 
Persons who have difficulty hearing or speaking may access this number 
via TTY by calling the toll-free Federal Relay Service at (800) 877-
8339.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 111 of the Reauthorization Act (Pub. L. 114-1) requires the 
Secretary to submit a report to the Committee on Financial Services of 
the House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate on, among other things, the impact and 
effectiveness of TRIP. The report must also include an evaluation of 
information that is being separately collected by Treasury, including 
certain data appropriate for analyzing the effectiveness of TRIP.

II. Solicitation for Comments

    Collecting additional information and views on the matters that 
must be addressed in the report to Congress will assist the Secretary 
in the formulation of the report and enhance the report's accuracy and 
value. Treasury seeks comment from interested parties on all Section 
111 elements that must be covered in the report, including comments on:
    1. The overall effectiveness of the TRIP;
    2. Observed changes or trends relating to matters that Treasury is 
collecting data about under Section 111 of the Reauthorization Act;
    3. Whether any aspects of TRIP have the effect of discouraging or 
impeding insurers from providing commercial property casualty insurance 
coverage or coverage for acts of terrorism; and
    4. The impact of TRIP on workers' compensation insurers.
    In addition to comments on the above, Treasury also seeks comment 
from interested parties on:
    5. The availability and affordability of terrorism risk insurance 
coverage, both nationally and in particular geographic areas; and
    6. Other issues relating to TRIP or terrorism insurance or 
reinsurance more broadly that may be relevant to Treasury's assessment 
of the effectiveness of TRIP.

Michael T. McRaith,
Director, Federal Insurance Office.
[FR Doc. 2016-06795 Filed 3-24-16; 8:45 am]
BILLING CODE 4810-25-P