Jeffrey S. Bragg, the first director of the TerrorismRisk Insurance Program (TRIP), under the Department ofTreasury, is leaving the government at the end ofthe year, according to an email he wrote to colleagues.

The email subject was "Retirement."

He wrote he was looking forward to opportunities that may comehis way after his Dec. 31, 2013, departure date.

Bragg joined Treasury in April 2003 to serve as thefirst executive director of TRIP, which was established under theTerrorism Risk Insurance Act (TRIA) of 2002. Since thepassage of the Dodd-Frank Act, he reports to the Federal InsuranceOffice (FIO.) 

The news comes the same day as a hearing on TRIA's quest forrenewal was debated in the House Subcommittee on Insurance andHousing. 

On Dec. 26, 2007, President George Bush signed the TerrorismRisk Insurance Program Reauthorization Act of 2007 into law throughDecember 31, 2014.  

The insurance and reinsurance industry desperately want theprogram renewed once more, by the end of the year or early nextyear. The program could find some favor in Congress if HouseFinancial Services Chairman Jeb Hensarling, R-Texas, sees thatindustry meets certain demands for more industry skin in the game,according to sources. 

According to a biography on the Women in Housing & Financesite, Bragg was responsible for implementing theoperational requirements of the Act, managing the TRIP staff,consultants and contractors, and setting operational guidelines andpolicies, and now, working with FIO Director Michael McRaith.

Bragg was appointed by President Reagan and confirmed by theU.S. Senate as administrator of the Federal InsuranceAdministration where he managed the National Flood InsuranceProgram (NFIP,) the Federal Riot Reinsurance Program, as well asthe Federal Crime Insurance Program.

Before joining Treasury, Bragg was anexecutive at Risk Enterprise Management and chief operating officerfor Insurance Management Solutions Group, an application softwareand business process outsourcing provider to insurancecompanies.

Treasury declined comment on this story.

Meanwhile, the Treasury Department and the President's WorkingGroup (PWG) on Financial Markets published a request for commentsthis summer for a pending report on Long-Term Availabilityand Affordability of Insurance for Terrorism Risk due by the end ofthe year. The PWG's 2013 report will be the last of threePWG reports expected before the December 2014 expiration of theTerrorism Risk Insurance Program.

The Property Casualty Insurance Association of America, whichstrongly supports a long-term reauthorization of TRIA saidthis summer when comments were requested, "It is important to havea plan in place to protect the economy and provide rapid assistanceto impacted businesses."

With respect to rapid assistance, the Boston Marathon bombingtragedy has not yet been certified and it is unclear tomany–including those in Congress–why certification of the bombingsremain a mystery, as businesses that may or may not have terrorismcoverage or exclusions hang in the balance.