WASHINGTON–A Treasury Department official has restated agency objections to risk retention groups creating captive insurance programs limited to providing stand-alone, single-risk coverage for terrorism losses.
His remarks indicated that the agency will not approve such programs for coverage under the Terrorism Risk Insurance Act (TRIA).
In comments at a meeting of the Captive Insurance Council of Washington, D.C. today, Jeffrey Bragg, executive director of the Treasury unit that oversees implementation of TRIA, was specific in saying the agency believes that creating such programs risks “gaming the system.”
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