On Mar. 19, US Treasury issued data call on terrorism risk insurance.
US Treasury directed insurers to submit data for 2024 Terrorist risk insurance program (TRIP) Data Call, which covers reporting period from Jan. 1, 2023 to Dec. 31, 2023.
Concurrently, US Treasury sought comment on effectiveness of program, #205125.
Elements of Data Call
For purposes of the 2024 TRIP Data Call, will use the consolidated data call mechanism
This approach relies on four joint reporting templates, which are to be completed by small insurers, non-small insurers, captive insurers, and alien surplus lines insurers.
Use of joint reporting templates is designed to satisfy the objectives of both US Treasury and state insurance regulators, while also reducing burden on the insurers.
State insurance regulators or the NAIC will provide separate notification regarding the reporting of data into the state reporting portal, including distinct state requirements.
Insurers subject to consolidated data call that are part of a group will report on group basis, while those that are not part of a group will report on an individual basis.
Effectiveness
All insurers writing commercial property and casualty insurance in lines subject to TRIP, subject to certain exceptions, must respond no later than May 15, 2024.
