federal_register: E8-22940

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document_number title type abstract publication_date pub_year pub_month html_url pdf_url agency_names agency_ids excerpts regulation_id_numbers
E8-22940 Terrorism Risk Insurance Program; Cap on Annual Liability Proposed Rule The Department of the Treasury ("Treasury") is issuing this proposed rule as part of its implementation of Title I of the Terrorism Risk Insurance Act of 2002 ("TRIA" or "the Act"), as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 ("Reauthorization Act"). The Act established a temporary Terrorism Risk Insurance Program ("TRIP" or "Program") under which the Federal Government would share with commercial property and casualty insurers the risk of insured losses from certified acts of terrorism. The Reauthorization Act has now extended the Program until December 31, 2014. This proposed rule is the latest in a series of regulations Treasury has issued to implement the Act. The proposed rule incorporates and implements statutory requirements in section 103(e) of the Act, as amended by the Reauthorization Act, for capping the annual liability for insured losses at $100 billion. In particular, the proposed rule describes how Treasury intends to determine the pro rata share of insured losses under the Program when insured losses would otherwise exceed the cap on annual liability. The rule builds upon previous rules issued by Treasury. 2008-09-30 2008 9 https://www.federalregister.gov/documents/2008/09/30/E8-22940/terrorism-risk-insurance-program-cap-on-annual-liability https://www.govinfo.gov/content/pkg/FR-2008-09-30/pdf/E8-22940.pdf Treasury Department 497 The Department of the Treasury ("Treasury") is issuing this proposed rule as part of its implementation of Title I of the Terrorism Risk Insurance Act of 2002 ("TRIA" or "the Act"), as amended by the Terrorism Risk Insurance Program Reauthorization Act... 1505-AB92

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