TRIPRATerrorism Risk Insurance Program Reauthorization Act of 2007
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In June 2016, the Self-Insurance Institute of America submitted comments to proposed changes that were undertaken at the time by the Treasury to revise TRIPRA, arguing that captives should not be treated differently than other insurers with regard to participation in the act, and that such arrangements provide a valuable risk transfer mechanism within the current terrorism risk lines of insurance, Work said.
For some companies, the property damage, business interruption and liability coverage provided by TRIPRA may not be sufficient or even advisable.
The report found that the overall take-up rate for TRIPRA coverage in the U.
However, Congress passed TRIPRA in early 2015 and buyers of terrorism insurance have generally experienced a favorable rate environment that is expected to continue barring unforeseen events.
Much like the TRIPRA 2007 program, TRIPRA 2015 requires that certain criteria are met to qualify for federal coverage.
If the Terrorism Risk Insurance Program Reauthorization Act is not reauthorized, the agency has determined about 4 percent of an overall 889 rating units are too reliant on TRIPRA and "materially exposed to terrorism risk," says Michael Russo, senior analyst and author of a briefing.
Value of adding TRIPRA coverage to existing captives
Uncertainty around TRIPRA is also impacting Workers Compensation coverage and continues to be the gorilla in the room, the report said.
The language regarding the 15-day notice, which was added to the statute as part of TRIPRA, does not allow for any discretion: either the secretary provides such a notice to Congress or does not.
There were other areas where people explored expanding coverage, such as the terrorism coverage within their contract because of the uncertainty of what would happen with TRIPRA [the Terrorism Risk Insurance Program Reauthorization Act] going forward.