FROM THE OFFICE OF PUBLIC AFFAIRS
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April 29, 2004
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Treasury Department Announces a Request for Comments On the
“Make Available” Determination
The Treasury Department today announced a request for comments regarding the requirement of the Terrorism Risk Insurance Act (TRIA) of 2002 that the Secretary of the Treasury determine whether to extend the “make available” requirements of the Act into the third year of the program (i.e., through December 31, 2005). The Secretary of the Treasury is required to make this determination by September 1, 2004. Comments will be accepted for 30 days from when the notice is published in the Federal Register.
The “make available” provisions of TRIA require that, from the date of enactment (November 26, 2002) through the last day of the second year of the program (December 31, 2004), each insurer must make available, in all of its commercial property and casualty insurance policies, coverage for insured losses under the Act. In this regard, TRIA also requires that such insurance coverage must not differ materially from the terms, amounts and other coverage limitations applicable to losses arising from events other than acts of terrorism.
“We encourage any who have views on the questions set forth in the request for comments to share those views with Treasury as soon as they can, with as much detail as they can provide,” said Treasury Assistant Secretary Abernathy, who oversees the Terrorism Risk Insurance Program. “We hope that this broad request for public input on the ‘make available’ determination will facilitate the efforts of the Secretary to make a timely determination based upon a solid basis of information and views provided from all parts of the nation and from a wide variety of citizens, businesses, industry experts, and others.”
The request for comments and other information related to the Terrorism Risk Insurance Program can be found at: http://www.treasury.gov/trip.
REPORTS