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TREAS/DO | RIN: 1505-AC24 | Publication ID: Spring 2015 |
Title: Terrorism Risk Insurance Program; Final Netting | |
Abstract:
The Department of the Treasury (Treasury) is issuing this rule as part of its implementation of title I of the Terrorism Risk Insurance Act of 2002 (TRIA or the Act), as amended by the Terrorism Risk Insurance Extension Act of 2005 (Extension Act) and the Terrorism Risk Insurance Program Reauthorization Act of 2007 (Reauthorization Act). The Act established a temporary Terrorism Risk Insurance Program (TRIP or Program) under which the Federal Government would share the risk of insured losses from certified acts of terrorism with commercial property and casualty insurers. The Reauthorization Act has now extended the Program until December 31, 2014. The rule incorporates and implements statutory requirements in section 103(e)(4) of the Act, for the final netting of payments under the Program. In particular, the rule will establish procedures by which, after the Secretary has determined that claims for the Federal share of insured losses arising from a particular program year shall be considered final, a final netting of payments to or from insurers will be accomplished. |
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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 U.S.C. 301 31 U.S.C. 321 title I, Pub. L. 107-297, 116 Stat 2322, as amended by Pub. L. 109-144 119 Stat 2660 and Pub. L. 110-160, 121 Stat 1839 (15 U.S.C. 6701 note) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Howard Davis Department of the Treasury Departmental Offices 1500 Pennsylvania Avenue NW., Washington, DC 20220 Phone:202 622-2000 Email: howard.davis@treasury.gov |