FROM THE OFFICE OF PUBLIC AFFAIRS
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April 30, 2004
JS-1496
Treasury Department Announces Proposed Regulation Implementing the Litigation Management Provisions of the Terrorism Risk Insurance Act
The Treasury Department today announced a proposed regulation under the Terrorism Risk Insurance Act (TRIA) of 2002, which was signed into law by President Bush on November 26, 2002.
The proposed regulation being released today implements the litigation management provisions of TRIA and President Bush’s directive that Treasury propose regulations providing procedures for advance Treasury review and approval of settlements related to covered losses under the Program. The regulation is designed to protect taxpayer resources by ensuring that claims made under the program are bona fide, as well as to facilitate expedited compensation for legitimate losses covered under the Act. Interested parties will have the opportunity to submit formal comments on the regulation, and the comment period will last for 60 days from the date of the regulation’s publication in the Federal Register.
This proposed regulation and other information related to the Terrorism Risk Insurance Program can be found at http://www.treasury.gov/trip/.
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