Treasury Department Issues Final TRIA Regulations

Treasury Department issues final TRIA regulations to reflect the 2019 reauthorization and incorporate guidance issued in 2016 on cyber liability.

SUMMARY: The Department of the Treasury (Treasury) is issuing this final rule to implement technical changes to the Terrorism Risk Insurance Program (TRIP or Program) rules in response to the Terrorism Risk Insurance Program Reauthorization Act of 2019. In addition, Treasury is issuing this final rule to: Clarify the manner in which Treasury will calculate ‘‘property and casualty insurance losses’’ for purposes of considering certification of an act of terrorism, and ‘‘insured losses’’ when administering the financial sharing mechanisms under the Program, including the Program Trigger and Program Cap; incorporate into the Program rules the prior guidance provided by Treasury in connection with stand-alone cyber insurance under the Program; and provide updated links to additional information found on the Program’s website relating to administration of the Program. The changes were published in proposed form for public comment by Treasury on November 10, 2020. DATES: This rule is effective July 12, 2021.