The Department of the Treasury plans to update technical aspects of the Terrorism Risk Insurance Program (TRIP) in line with legislation aimed at addressing terrorism-related disruptions and stabilizing the private market following terrorist attacks.
The Treasury said in a Federal Register document that the TRIP comes as part of efforts to comply with the TRIP Reauthorization Act of 2019.
Proposed modifications include updates to TRIP certification procedures as well as the program’s website. In addition, the Treasury seeks to clarify how the department calculates “property and casualty insurance losses” and “insured losses” to include cyber insurance matters.
The Federal Insurance Office will also be tasked to conduct research on the planned TRIP updates, according to the document. The Treasury is seeking feedback from the general public, particularly on captive insurers and TRIP certification issues.