Federal Insurance Office Issues Terrorism Risk Implementation Guidance; Comments on Event Certification Process Solicited

Above:  G. Donovan Brown of Colodny Fass notes Federal Insurance Office Seeking Comment on Terrorism Event Certification Process

The U.S. Department of the Treasury announced yesterday, February 4, 2015, that it has begun implementing the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“Reauthorization Act”), which was signed into law on January 12, 2015. 

As part of this implementation, the Treasury’s Federal Insurance Office (“FIO”) released Interim Guidance addressing the immediate application of the Terrorism Risk Insurance Program (Program) regulations in light of the Reauthorization Act.

The FIO advised that its Interim Guidance may be relied upon until superseded by any related regulations as amended, or by subsequent guidance. 

To view the document, click here.

In addition, the FIO released a notice seeking public comment on potential improvements to the process for certifying an event as an “act of terrorism.”  Due by March 6, 2015, these comments will be used by the FIO in the completion of a study and report required by the Reauthorization Act, as well as in the formation of final Rules related to the certification process. 

To view the notice, click here.

To access the FIO Reauthorization Act resource page, click here.

 

 

Should you have any questions, or wish to submit comments, please contact G. Donovan Brown at +1 850 545 8864 or Dbrown@ColodnyFass.com.

 

 

 

 

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