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Terrorism Risk Insurance Supplement and Instructions

7 August 2015
Mayer Brown Newsletter

The NAIC Terrorism Insurance Implementation (C) Working Group (the “Working Group”) has been charged with coordinating the NAIC’s efforts to address insurance coverage for acts of terrorism, including creating solutions to address the risk of loss from acts of terrorism.  The Working Group met on March 29, 2015 at the NAIC Spring National Meeting to discuss provisions of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) relating to data collection. Section 104(h) of TRIPRA calls for the Secretary of the Treasury to collect data from participating insurers regarding insurance coverage for terrorism losses, including information on the lines of insurance with exposure to such losses, geographical location of exposures, and pricing of such coverage. The Working Group considered a draft of a “Terrorism Risk Insurance Supplement” (the “Supplement”) that would be included as part of the annual statement process to gather this TRIPRA related information.

On June 19, 2015, the Working Group exposed a draft of the Supplement, and the accompanying Instructions, a copy of which is available here, for comment through July 6. The Supplement is intended to be completed by reporting entities that provide terrorism risk insurance coverage and will need to be filed with the NAIC by April 1 of each year for each state in which an insurer writes terrorism risk insurance. Among other items, the Supplement requests information on lines of insurance with exposure to terrorism losses, direct premiums written and earned attributed to terrorism risk, and the number of policies with terrorism risk coverage. The Working Group hosted a conference call on July 9, 2015 and voted to approve the draft Supplement for submission to the Blanks (E) Working Group. The Blanks Working Group has exposed the proposal for comment until July 30, 2015, and will consider it at the NAIC Summer National Meeting.  Additional revisions may be made at as a result of this process.

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