Gregory Zerzan, the U.S. Treasury's acting assistant secretary for financial institutions, whose duties included oversight of the Terrorism Risk Insurance Act (TRIA) program, has resigned effective June 20.
News of Mr. Zerzan's departure follows word from Treasury officials that an eagerly awaited report on TRIA's impact on the marketplace will be completed well before month's end.
Mr. Zerzan joined the Treasury in March of 2003 as deputy assistant secretary for financial institutions policy. He assumed his latest post when his predecessor, Wayne Abernathy, stepped down.
In administering the TRIA program, Mr. Zerzan handled the government operation which was established to provide a backstop for insurers against terrorism-related losses after the attacks of Sept. 11, 2001.
Treasury Secretary John Snow said last week that he expects to have the Treasury's report on the TRIA program submitted to Congress "well in advance" of the June 30 deadline. The report was designed to gauge the ability of the private insurance market to provide coverage for terrorist attacks and will play a key role as Congress decides whether to extend the program for two more years.
Appearing before the Senate Banking Committee, Secretary Snow responded to a question from Sen. Charles Schumer, D-N.Y., saying that, "I am reviewing now the final version of the report."
"It looks good," he said. "A lot of work has gone into it, and it's my contemplation and certainly hope that we will have it well in advance of the June 30 date."
Mr. Zerzan's "expertise and contributions on legislative and policy matters involving financial institutions have been invaluable, and he has been a highly effective leader within the Office of Domestic Finance, as well as among the Treasury management team," Mr. Snow said in a statement.
According to a Treasury spokesperson, Mr. Zerzan is leaving Washington for his home state of Oregon, although the spokesperson said he has not yet accepted another job.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.