The Treasury Department is seeking comments on the long-term availability and affordability of terrorism risk insurance. The Treasury said the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2007, requires the President’s Working Group on Financial Markets, which the Treasury chairs, to perform an ongoing analysis regarding the long-term availability and affordability of insurance for terrorism risk. The working group must submit a report to Congress this year.

The 2007 legislation extended TRIA until December 31, 2014. The Treasury said the working group is conducting its analysis in consultation with the National Association of Insurance Commissioners, representatives of the insurance industry, representatives of the securities industry and representatives of policyholders. All parties have 45 days to submit comments. PIA will submit comments.

June 15, 2010