TREASURY DEPARTMENT ISSUES PROPOSED TRIA REGULATIONS
The United States Treasury Department has issued proposed regulations on two topics relating to the Terrorism Risk Insurance Act of 2002 (“TRIA”), both with short comment periods: (1) how the Treasury will determine the amounts to be recouped and the procedures that insurers are to use for collecting Federal Terrorism Policy Surcharges and remitting them to Treasury – comment period expires October 17, 2008; and (2) how the Treasury intends to determine the pro rata share of insured losses under TRIA when insured losses would otherwise exceed the $100 billion cap on annual liability – comment period expires October 30, 2008.
This post written by Rollie Goss.
