The Department of the Treasury’s Federal Insurance Office (FIO) published a request for comment today on the Federal Register to help inform a report on the effectiveness of the Terrorism Risk Insurance Program (TRIP) and how to improve the cyber insurance market.
The Terrorism Risk Insurance Act (TRIA) of 2002 established the TRIP following the 9/11 terrorist attacks. TRIA requires the secretary of the Treasury to submit a report on TRIP to Congress by June 30.
Along with general questions regarding the TRIP, the FIO also wants feedback on “the current state of the cyber insurance market, including the scope of coverage available, the availability and affordability of such coverage, and the effect of ransomware-related losses on the market,” to help inform its report.
The FIO also wants feedback on terrorism risk insurance issues presented by cyber-related losses and the program’s impact on such exposures.
Additionally, FIO is open to any potential changes to TRIA or TRIP that would “encourage the take up of insurance for cyber-related losses arising from acts of terrorism as defined under TRIA.”
Finally, the Treasury Department hopes to gain insight into “the availability of reinsurance or capital markets support for cyber-related losses arising from acts of terrorism as defined under TRIA.”
Interested stakeholders can submit comments by May 16.