TRIA Comments Sought

TRIA Comments Sought

Washington

The U.S. Treasury Department is seeking comments on whether to extend the “make available” requirement of the Terrorism Risk Insurance Act through Dec. 31, 2005.

TRIA requires insurers to “make available,” or offer, terrorism coverage to all commercial property-casualty policyholders through Dec. 31, 2004. TRIA gives Treasury discretion to determine whether the requirement should be extended through Dec. 31, 2005. Treasury must make this determination by Sept. 1, 2004.

Assistant Treasury Secretary Wayne Abernathy is urging all who have views on the issue to provide Treasury with as much information in as much detail as they can.

“We hope that this broad request for public input on the 'make available' determination will facilitate the efforts of the [Treasury] secretary to make a timely determination based upon a solid basis of information and views provided from all parts of the nation and from a wide variety of citizens, businesses, industry experts and others,” Mr. Abernathy said.

Comments, due 30 days after the request for information is published in the Federal Register, may be filed electronically to TRIAcomments@do.treas.gov.

Reproduced from National Underwriter Edition, May 10, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.