U.S. Treasury Seeks Terrorism Data from Insurers

The U.S. Department of the Treasury’s Federal Insurance Office (FIO) is requesting that insurers voluntarily submit insurance data regarding their participation in the Terrorism Risk Insurance Program (TRIP).

The Terrorism Risk Insurance Program Reauthorization Act of 2015 requires 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. For this first collection of information under the law, FIO said it is requesting, not requiring, that insurers submit certain insurance data in order to assist with the development of the report.

“Since it was first established in 2003, the Terrorism Risk Insurance Program has worked to ensure that American businesses have access to affordable terrorism insurance, ultimately helping to promote economic growth and employment opportunities for American workers,” said Michael McRaith, director of the FIO.

McRaith said input from stakeholders “has been critical to implementing TRIA” and he hopes this data call will further that objective.

Source: Federal Insurance Office