ISO is collecting, aggregating, and helping analyze terrorism data this year for the U.S. Department of the Treasury, the federal agency charged with gauging the effectiveness of the federal Terrorism Risk Insurance Program. The program, initially established in 2002 by the Terrorism Risk Insurance Act (TRIA), requires insurers to make available terrorism risk insurance with respect to commercial property/casualty losses and provides a mechanism for the federal government to share the risk of loss from terrorist attacks. For this first collection of information under Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015, the Treasury Department announced that it is requesting, but not requiring, that insurers submit data. The deadline for insurers to report data this year is April 30. Reporting insurers should register at https://www.tripsection111data.com/.
ISO also provides an array of tools and information to help insurers address terrorism exposures and changes in federal legislation. To access information on ISOnet®, please log in using your subscriber username and password.
Participating insurers can access information about ISO terrorism coverage options by line of business and by state through several ISOnet® applications, including the ISOnet Forms Information/Report System (FIRSTSM), the ISO Commercial Lines Manual (Terrorism Supplement), and ISO’s print-ready manuals.
The Terrorism Risk Insurance Program Reauthorization Act of 2015 (former H.R. 26) was signed into law by President Obama on January 12, 2015. We began submitting ISO multistate Commercial Lines filing CL-2015-OTRFO on January 9, 2015; filing activity is continuing. Read about our filing status updates.
The U.S. Department of Treasury issued interim guidance dated February 4, 2015 concerning the Terrorism Risk Insurance Program Reauthorization Act of 2015. Read more about the guidance and TRIA legislative updates.
The National Association of Insurance Commissioners (NAIC) has released a Model Bulletin, Policyholder Disclosures, and Expedited SERFF Filing Transmittal Document, as a model for state bulletin. A number of states have also released state bulletins. Read more about NAIC and state activity.
ISO presented a webinar on the Terrorism Risk Insurance Act (TRIA) in December 2014 after Congress failed to reauthorize the federal backstop. View the recording here.
Read more about TRIA news and research.