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FROM THE OFFICE OF PUBLIC AFFAIRS
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JS-530
The Treasury Department today announced a final regulation under the Terrorism Risk Insurance Act of 2002, which was signed into law by President Bush on November 26, 2002.
Today's final regulation addresses definitions under the Terrorism Risk Insurance Act that were set forth in an interim final rule with a request for comment that was published in the Federal Register on February 28, 2003. That rule set forth the purpose and scope of the Program and key definitions that Treasury will use in implementing the Program. It was the first in a series of regulations related to Treasury's implementation of the Program.
"The comments Treasury received on the interim final rule provided many helpful suggestions as Treasury moved forward with finalizing this rulemaking," said Treasury Assistant Secretary Wayne Abernathy, who oversees the Terrorism Risk Insurance Program. "We anticipate continuing to benefit from the thoughtful input of insurance market participants and other interested parties, as well as from our continuing consultations with the National Association of Insurance Commissioners, as we move forward with implementing the Terrorism Risk Insurance Act."
In general, the final rule reflects the interim final rule. However, revisions and clarifications were made in several areas, based on comments received. For example, revisions were made to the rebuttable presumptions to controlling influence determinations under the definition of "affiliate," and clarifications were made to the definitions of "direct earned premium" and "commercial property and casualty insurance." The final rule also sets forth procedures for requesting general interpretations of the Act or regulations.
Treasury will continue moving forward with implementing the Terrorism Risk Insurance Act by finalizing other outstanding rulemakings and developing additional regulations to address issues such as claims procedures. This final regulation, previously issued regulations, interim guidance notices, and other information related to the Terrorism Risk Insurance Program can be found at http://www.treasury.gov/about/organizational-structure/offices/Pages/Terrorism-Risk-Insurance-Program.aspx.
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