May 5, 2006
JS-4242
U.S. Treasury Department Announces Interim
Final Rule Implementing Terrorism Risk
Insurance Extension Act
The Treasury Department today announced an interim final rule as part of its implementation of the Terrorism Risk Insurance Extension Act of 2005. The Extension Act, signed into law by President Bush on
Today's interim final rule generally incorporates interim guidance issued by Treasury in January 2006, to assist insurers, policyholders, and other interested parties in complying with immediately applicable requirements of TRIA as modified by the Extension Act. The rule addresses changes to the types of commercial property and casualty insurance covered by TRIA, clarifies requirements for insurers in satisfying the mandatory insurance availability provisions, and implements a new Program Trigger loss threshold that must be met before the Federal government potentially shares in insured losses. Although Treasury is issuing these requirements as an interim final rule, comments are being solicited from all interested parties through a Federal Register Notice.
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