Treasury Department Requests for Comments On the "Make Available" Determination
|May 5, 2004|
|TRIP "Make Available" Requirements 69 FR 25168 [pdf]|
The Treasury Department is requesting comments regarding the requirement of the Terrorism Risk Insurance Act (TRIA) of 2002 that the Secretary of the Treasury determine whether to extend the "make available" requirements of the Act into the third year of the program (i.e., through December 31, 2005). The Secretary of the Treasury is required to make this determination by September 1, 2004. Comments will be accepted for 30 days from when the notice is published in the Federal Register.
The "make available" provisions of TRIA require that, from the date of enactment (November 26, 2002) through the last day of the second year of the program (December 31, 2004), each insurer must make available, in all of its commercial property and casualty insurance policies, coverage for insured losses under the Act. In this regard, TRIA also requires that such insurance coverage must not differ materially from the terms, amounts and other coverage limitations applicable to losses arising from events other than acts of terrorism.