Tabs

Bank Insurance Agency Management
Community Banks and Insurance
Compliance and Risk Management
Wealth Management
Insurance Product Marketing
Advocacy

Tuesday, July 16, 2013

Treasury asks for Comments on Availability and Affordability of Terrorism Insurance

The Secretary of the Treasury, who chairs the President’s Working Group on Financial Markets, is required to submit a report on the long-term availability and affordability of insurance for terrorism risk on September 30, 2013. The Working Group is seeking comments on the following:
1. "Any and all possible ramifications from the termination of the Program on December 31, 2014...;
2. "If the Program were to continue beyond December 31, 2014... any revisions or modifications to the Program that would promote the availability and affordability of terrorism insurance...
3. "[T]he ability of the insurance industry to model, quantify, and underwrite terrorism risk....;
4. "[I]nsurance market considerations that could impact the long-term availability and affordability of terrorism insurance....;
5. "[T]he demand (or 'take-up') of terrorism insurance....;
6. "[T]he long-term availability and affordability of private reinsurance for terrorism risk...; [and]
7. "[O]ther developments, considerations, or market issues that might affect the long-term availability and affordability of terrorism risk insurance."

The comments are due 60 days after the notice requesting comment in published in the Federal Register.

Learn more about the Request for Comments.