2018 Report on the Effectiveness of the Terrorism Risk Insurance Program, 11815-11816 [2018-05433]
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Federal Register / Vol. 83, No. 52 / Friday, March 16, 2018 / Notices
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VerDate Sep<11>2014
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Jkt 244001
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Chief Safety Officer.
[FR Doc. 2018–05309 Filed 3–15–18; 8:45 am]
BILLING CODE 4910–06–P
DEPARTMENT OF THE TREASURY
2018 Report on the Effectiveness of
the Terrorism Risk Insurance Program
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Request for comment.
AGENCY:
The Terrorism Risk Insurance
Program Reauthorization Act of 2015
(Reauthorization Act), which extended
and amended certain provisions of the
Terrorism Risk Insurance Program (TRIP
or Program), requires the Secretary of
the Treasury (Secretary) to submit a
report to Congress by June 30, 2018
concerning, in general, the overall
effectiveness of TRIP. To assist the
Secretary in formulating the report, the
Federal Insurance Office (FIO) within
the Department of the Treasury
(Treasury) is seeking comments from the
industry and other stakeholders on the
statutory factors that the report must
analyze, as well as any other feedback
about the effectiveness of TRIP.
DATES: Submit comments on or before
April 30, 2018.
ADDRESSES: Submit comments
electronically through the Federal
eRulemaking Portal at https://
www.regulations.gov, in accordance
with the instructions on that site, or by
mail to the Federal Insurance Office,
Attn: Richard Ifft, Room 1410 MT,
Department of the Treasury, 1500
Pennsylvania Avenue NW, Washington,
DC 20220. Because postal mail may be
subject to processing delays, it is
recommended that comments be
submitted electronically. If submitting
comments by mail, please submit an
original version with two copies.
Comments concerning the 2018 report
SUMMARY:
PO 00000
Frm 00147
Fmt 4703
Sfmt 4703
11815
on the effectiveness of the Terrorism
Risk Insurance Program should be
captioned with ‘‘2018 TRIP
Effectiveness Report.’’ In general,
Treasury will post all comments to
www.regulations.gov without change,
including any business or personal
information provided such as names,
addresses, email addresses, or telephone
numbers. All comments, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. You
should submit only information that
you wish to make available publicly.
Where appropriate, a comment should
include a short Executive Summary (no
more than five single-spaced pages).
Additional Instructions. Responses
should also include: (1) The data or
rationale, including examples,
supporting any opinions or conclusions;
and (2) any specific legislative,
administrative, or regulatory proposals
for carrying out recommended
approaches or options.
FOR FURTHER INFORMATION CONTACT:
Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal
Insurance Office, (202) 622–2922 (this is
not a toll-free number) or Lindsey
Baldwin, Senior Policy Analyst, Federal
Insurance Office, (202) 622–3220 (not a
toll free number). Persons who have
difficulty hearing or speaking may
access these numbers via TTY by calling
the toll-free Federal Relay Service at
(800) 877–8339.
SUPPLEMENTARY INFORMATION:
I. Background
The Terrorism Risk Insurance Act of
2002, as amended (TRIA), requires
participating insurers to make insurance
available for losses resulting from acts of
terrorism, and provides a federal
government backstop for the insurers’
resulting financial exposure. TRIA
established TRIP within Treasury, and
the Program is administered by the
Secretary with the assistance of FIO.
Section 111 of the Reauthorization Act
(Pub. L. 114–1) requires the Secretary to
prepare and submit reports to the
Committee on Financial Services of the
House of Representatives and the
Committee on Banking, Housing, and
Urban Affairs of the Senate on, among
other things, the impact and
effectiveness of TRIP. The report which
is to be submitted by June 30, 2018 will
also include an analysis of information
that is being collected by Treasury
through the 2018 TRIP Data Call,1
1 The proposed data collection for Calendar Year
2018 that Treasury will use in analyzing the
Program has been described by Treasury in a
E:\FR\FM\16MRN1.SGM
Continued
16MRN1
11816
Federal Register / Vol. 83, No. 52 / Friday, March 16, 2018 / Notices
which will gather certain data
appropriate to analyze the effectiveness
of TRIP.
II. Solicitation for Comments
The Section 111 factors that must be
considered in the report and on which
Treasury seeks comments include:
1. The overall effectiveness of TRIP;
2. Any changes or trends you have
observed relating to the data Treasury is
collecting under Section 111 of the
Reauthorization Act;
3. Whether any aspects of TRIP have
the effect of discouraging or impeding
insurers from providing commercial
property casualty insurance coverage or
coverage for acts of terrorism; and
4. Any impact of TRIP on workers’
compensation insurers in particular.
Collecting information and views via
this request for comments on the
matters that must be addressed in the
report will enhance the accuracy and
value of the report to Congress, by
offering qualitative feedback that may
not be otherwise observable through the
results of the TRIP Data Calls.
Comments from insurers that are
otherwise providing data, from other
stakeholders, and from the public at
daltland on DSKBBV9HB2PROD with NOTICES
separate notice. 82 FR 56328 (November 28, 2017).
Treasury will also discuss the results of the prior
2017 TRIP Data Call in this report on the
effectiveness of the Program.
VerDate Sep<11>2014
21:54 Mar 15, 2018
Jkt 244001
large will assist the Secretary in the
formulation of the report. In addition to
comments on the above statutory
factors, Treasury also seeks comments
on:
5. The availability and affordability of
terrorism risk insurance coverage, both
nationally and in particular geographic
areas;
6. Whether any lines of insurance or
coverages within certain lines of
insurance currently subject to the
Program do not require the support of
TRIP;
7. The market for standalone terrorism
risk insurance that is written outside of
TRIP, the reasons such coverage is
offered and obtained, and whether the
existence of such insurance provides
any insights into the effectiveness of the
Program;
8. The availability and affordability of
private reinsurance, or capital markets
support, for terrorism risk insurance
exposures (both those which are
currently subject to support under TRIP
as well as those otherwise held by
insurers participating in TRIP);
9. The extent to which reinsurance for
terrorism risk is being obtained as part
of catastrophe reinsurance programs
generally, the reasons for this, and how
if at all this has affected market capacity
for terrorism risk reinsurance generally;
PO 00000
Frm 00148
Fmt 4703
Sfmt 9990
10. Any factors that impede private
reinsurance or capital markets support
for terrorism risk insurance;
11. The availability of terrorism risk
insurance coverage for losses arising
from nuclear, biological, chemical, or
radiological (NBCR) exposures, and the
availability of private reinsurance or
capital markets support for such
terrorism risk insurance;
12. Terrorism risk insurance issues
presented by cyber-related losses, the
impact of TRIP in connection with such
exposures, and any reforms that would
encourage the take up of insurance for
cyber-related losses arising from acts of
terrorism within the meaning of TRIA; 2
13. Private reinsurance or capital
markets support for cyber-related losses
arising from acts of terrorism within the
meaning of TRIA; and
14. Any other issues relating to TRIP
or terrorism risk insurance or
reinsurance that may be relevant to an
assessment of the effectiveness of TRIP
in the report.
Dated: March 12, 2018.
Steven E. Seitz,
Deputy Director, Federal Insurance Office.
[FR Doc. 2018–05433 Filed 3–15–18; 8:45 am]
BILLING CODE 4810–25–P
2 Treasury has previously addressed the
application of TRIP to policies covering cyberrelated losses. 81 FR 95312 (December 27, 2016).
E:\FR\FM\16MRN1.SGM
16MRN1
]]>Agencies
[Federal Register Volume 83, Number 52 (Friday, March 16, 2018)]
[Notices]
[Pages 11815-11816]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05433]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
2018 Report on the Effectiveness of the Terrorism Risk Insurance
Program
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Request for comment.
-----------------------------------------------------------------------
SUMMARY: The Terrorism Risk Insurance Program Reauthorization Act of
2015 (Reauthorization Act), which extended and amended certain
provisions of the Terrorism Risk Insurance Program (TRIP or Program),
requires the Secretary of the Treasury (Secretary) to submit a report
to Congress by June 30, 2018 concerning, in general, the overall
effectiveness of TRIP. To assist the Secretary in formulating the
report, the Federal Insurance Office (FIO) within the Department of the
Treasury (Treasury) is seeking comments from the industry and other
stakeholders on the statutory factors that the report must analyze, as
well as any other feedback about the effectiveness of TRIP.
DATES: Submit comments on or before April 30, 2018.
ADDRESSES: Submit comments electronically through the Federal
eRulemaking Portal at https://www.regulations.gov, in accordance with
the instructions on that site, or by mail to the Federal Insurance
Office, Attn: Richard Ifft, Room 1410 MT, Department of the Treasury,
1500 Pennsylvania Avenue NW, Washington, DC 20220. Because postal mail
may be subject to processing delays, it is recommended that comments be
submitted electronically. If submitting comments by mail, please submit
an original version with two copies. Comments concerning the 2018
report on the effectiveness of the Terrorism Risk Insurance Program
should be captioned with ``2018 TRIP Effectiveness Report.'' In
general, Treasury will post all comments to www.regulations.gov without
change, including any business or personal information provided such as
names, addresses, email addresses, or telephone numbers. All comments,
including attachments and other supporting materials, are part of the
public record and subject to public disclosure. You should submit only
information that you wish to make available publicly. Where
appropriate, a comment should include a short Executive Summary (no
more than five single-spaced pages).
Additional Instructions. Responses should also include: (1) The
data or rationale, including examples, supporting any opinions or
conclusions; and (2) any specific legislative, administrative, or
regulatory proposals for carrying out recommended approaches or
options.
FOR FURTHER INFORMATION CONTACT: Richard Ifft, Senior Insurance
Regulatory Policy Analyst, Federal Insurance Office, (202) 622-2922
(this is not a toll-free number) or Lindsey Baldwin, Senior Policy
Analyst, Federal Insurance Office, (202) 622-3220 (not a toll free
number). Persons who have difficulty hearing or speaking may access
these numbers via TTY by calling the toll-free Federal Relay Service at
(800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
The Terrorism Risk Insurance Act of 2002, as amended (TRIA),
requires participating insurers to make insurance available for losses
resulting from acts of terrorism, and provides a federal government
backstop for the insurers' resulting financial exposure. TRIA
established TRIP within Treasury, and the Program is administered by
the Secretary with the assistance of FIO. Section 111 of the
Reauthorization Act (Pub. L. 114-1) requires the Secretary to prepare
and submit reports to the Committee on Financial Services of the House
of Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate on, among other things, the impact and
effectiveness of TRIP. The report which is to be submitted by June 30,
2018 will also include an analysis of information that is being
collected by Treasury through the 2018 TRIP Data Call,\1\
[[Page 11816]]
which will gather certain data appropriate to analyze the effectiveness
of TRIP.
---------------------------------------------------------------------------
\1\ The proposed data collection for Calendar Year 2018 that
Treasury will use in analyzing the Program has been described by
Treasury in a separate notice. 82 FR 56328 (November 28, 2017).
Treasury will also discuss the results of the prior 2017 TRIP Data
Call in this report on the effectiveness of the Program.
---------------------------------------------------------------------------
II. Solicitation for Comments
The Section 111 factors that must be considered in the report and
on which Treasury seeks comments include:
1. The overall effectiveness of TRIP;
2. Any changes or trends you have observed relating to the data
Treasury is collecting under Section 111 of the Reauthorization Act;
3. Whether any aspects of TRIP have the effect of discouraging or
impeding insurers from providing commercial property casualty insurance
coverage or coverage for acts of terrorism; and
4. Any impact of TRIP on workers' compensation insurers in
particular. Collecting information and views via this request for
comments on the matters that must be addressed in the report will
enhance the accuracy and value of the report to Congress, by offering
qualitative feedback that may not be otherwise observable through the
results of the TRIP Data Calls. Comments from insurers that are
otherwise providing data, from other stakeholders, and from the public
at large will assist the Secretary in the formulation of the report. In
addition to comments on the above statutory factors, Treasury also
seeks comments on:
5. The availability and affordability of terrorism risk insurance
coverage, both nationally and in particular geographic areas;
6. Whether any lines of insurance or coverages within certain lines
of insurance currently subject to the Program do not require the
support of TRIP;
7. The market for standalone terrorism risk insurance that is
written outside of TRIP, the reasons such coverage is offered and
obtained, and whether the existence of such insurance provides any
insights into the effectiveness of the Program;
8. The availability and affordability of private reinsurance, or
capital markets support, for terrorism risk insurance exposures (both
those which are currently subject to support under TRIP as well as
those otherwise held by insurers participating in TRIP);
9. The extent to which reinsurance for terrorism risk is being
obtained as part of catastrophe reinsurance programs generally, the
reasons for this, and how if at all this has affected market capacity
for terrorism risk reinsurance generally;
10. Any factors that impede private reinsurance or capital markets
support for terrorism risk insurance;
11. The availability of terrorism risk insurance coverage for
losses arising from nuclear, biological, chemical, or radiological
(NBCR) exposures, and the availability of private reinsurance or
capital markets support for such terrorism risk insurance;
12. Terrorism risk insurance issues presented by cyber-related
losses, the impact of TRIP in connection with such exposures, and any
reforms that would encourage the take up of insurance for cyber-related
losses arising from acts of terrorism within the meaning of TRIA; \2\
---------------------------------------------------------------------------
\2\ Treasury has previously addressed the application of TRIP to
policies covering cyber-related losses. 81 FR 95312 (December 27,
2016).
---------------------------------------------------------------------------
13. Private reinsurance or capital markets support for cyber-
related losses arising from acts of terrorism within the meaning of
TRIA; and
14. Any other issues relating to TRIP or terrorism risk insurance
or reinsurance that may be relevant to an assessment of the
effectiveness of TRIP in the report.
Dated: March 12, 2018.
Steven E. Seitz,
Deputy Director, Federal Insurance Office.
[FR Doc. 2018-05433 Filed 3-15-18; 8:45 am]
BILLING CODE 4810-25-P
