FEDERAL SHARE CLAIM PROCESS
TERRORISM RISK INSURANCE PROGRAM
On November 26, 2002, the President signed into law the Terrorism Risk Insurance
Act of 2002 (Pub. L. 107–297, 116 Stat. 2322) (TRIA  ).
The Department of the Treasury (Treasury) on June 29, 2004, issued a final Claims
Procedures Rule ,
effective July 31, 2004, as part of its implementation of title I of TRIA;
69 FR 39296. TRIA also contains specific provisions designed
to manage
litigation arising out of, or resulting from, a certified act of terrorism.
On July 28, 2004, Treasury issued a final rule concerning litigation
management ,
69 FR 44932.
TRIA, the Claims Procedures Rule, the Litigation Management Rule and related
rules found in 31 C.F.R. Part 50 contain certain definitions, requirements,
and procedures for insurers filing claims with Treasury for payment of the
Federal share of compensation for insured losses under the Terrorism Risk Insurance
Program (TRIP). The Claims Procedures Rule, in particular, specifically addresses
requirements for Federal payment, the submission of an initial notice of insured
loss, loss certifications, the timing and process for payment, associated recordkeeping
requirements, as well as Treasury’s audit and investigation authority.
These procedures will apply to all insurers that wish to receive their payment
of the Federal share of compensation for insured losses under TRIA. Insurers
are advised to review the legislation and TRIP regulations before submitting
information.
Additional materials addressing the Terrorism Risk Insurance Act of 2002 and
TRIP, including Treasury issued interpretive letters, are contained on this
website. Also, a “browsable” version of all of Treasury’s
TRIP related regulations can be accessed through the Electronic
Code of Federal Regulations.
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