View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML
TREAS/DO RIN: 1505-AB92 Publication ID: Fall 2008 
Title: Terrorism Risk Insurance Program; Cap on Annual Liability and Pro Rata Share of Insured Losses 
Abstract: As the statutorily authorized administrator of the Terrorism Risk Insurance Program, Treasury is issuing proposed and final regulations to implement the Program. Under the Terrorism Risk Insurance Act of 2002, Public Law 107-297, the Terrorism Risk Insurance Extension Act of 2005, Public Law 109-144, and the Terrorism Risk Insurance Program Reauthorization Act of 2007, Public Law 110-160, the Federal Government shares the risk of insured losses from certified acts of terrorism with commercial property and casualty insurers. This rule incorporates and clarifies statutory requirements for the $100,000,000,000 cap on annual liability for insured losses. The rule establishes how Treasury will determine whether the cap on annual liability for insured losses has been reached and, if so, how Treasury will determine the pro rata share of insured losses to be paid by each insurer that incurs insured losses under the Program. 
Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 31 CFR 50   
Legal Authority: 5 USC 301    Terrorism Risk Insurance Act of 2002, PL 107-297, 116 Stat 2322    Terrorism Risk Insurance Extension Act of 2005, PL 109-144, 119 Stat 2660    Terrorism Risk Insurance Program Reauthorization Act of 2007, PL 110-160, 121 Stat 1839   
Legal Deadline:
Action Source Description Date
Final  Statutory  Final rule by 240 days after date of enactment of Reauthorization Act (Dec. 26, 2007).  08/26/2008 
Timetable:
Action Date FR Cite
NPRM  09/30/2008  73 FR 56767   
NPRM Comment Period End  10/30/2008    
Final Rule  02/00/2009    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: State 
Federalism: Yes 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Howard Leikin
Deputy Director
Department of the Treasury
Departmental Offices
Office of Financial Institutions, Terrorism Risk Insurance Program, 1425 New York Avenue NW.,
Washington, DC 20220
Phone:202 622-6770
Email: howard.leikin@do.treas.gov