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Wednesday, April 13, 2016

FIO Issues Reporting Requirements for Voluntary TRIA DATA Call

In January 2015, Congress passed the H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA). The bill extended the Terrorism Insurance Act of 2002 (TRIA) and increased the amount the private sector would be required to cover after a terrorist attack. One of the requirements under TRIPRA is that the Department of Treasury must report and update Congress on the effectiveness of the legislation. To comply with this mandate, the Federal Insurance Office (FIO) issued a voluntary date call with a deadline of April 30, 2016. Insurers are asked to provide Calendar Year 2015 data on a group basis (including all affiliate companies) by April 30.

The National Association of Insurance Commissioners (NAIC) will do a separate data call from the FIO which has a tentative date for September 2016. The NAIC’s data call will focus more on solvency issues rather than reporting on the effectiveness of TRIPRA to Congress. While the FIO data call is voluntary, the NAIC call will require an insurer writing coverage in the participating states to provide information in all jurisdictions where they are writing coverage under TRIPRA.

You can find more information on the Department of Treasury website.