Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) Implementation Center

On December 26, 2007, President Bush signed into Law the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA). This represented the culmination of a vigorous and sustained five-year effort by MBA and its coalition partner, the Coalition to Insure Against Terrorism (CIAT), to create a long-term terrorism insurance solution. The seven-year extension of the federal terrorism risk insurance program far exceeded the initial three-year program period for TRIA and the subsequent two-year TRIA extension (TRIEA). TRIPRA makes three major changes to the TRIA program: (1) the definition of "act of terrorism" under TRIA is expanded to allow the certification of acts "domestic terrorism"; (2) the legislation clarifies the operation of the $100 billion annual program cap; and (3) the new law changes the manner in which the mandatory portion of post-event policyholder surcharges would be collected. The inclusion of domestic terrorism in the definition of an “act of terrorism” was strongly advocated by MBA and eliminates the meaningless distinction between foreign and domestic source terrorism. In addition, TRIPRA calls for the study of nuclear, biological, chemical, and radiological (NBCR) terrorism insurance as well as the study of the availability and affordability of terrorism insurance in certain markets.

Now that TRIPRA has been enacted, MBA efforts will now focus on implementation regulations at the federal level and actions by the National Association of Insurance Commissioners (NAIC) to introduce guidance (Model Bulletins) to state insurance regulators for the implementation of TRIPRA. NAIC is a national organization that provides guidance to state insurance agencies through the Model Bulletin process for insurance related issues. In addition, MBA will be monitoring and providing input into the studies on NBCR and availability and affordability of terrorism insurance in certain markets.

Please check the Implementation Center frequently because it will be updated as new documents become available.

Presented below is information on TRIPRA by information category:

TRIPRA – Summary Information
Presented in this section is a side-by-side comparison the original terrorism legislation (TRIA), its subsequent extension (TRIEA) and TRIPRA.

  • Comparison of TRIA and Subsequent Extension Legislation

TRIPRA – Legislation
This section contains the legislations as passed by the House and Senate and a redlined version of TRIEA to reflect the TRIPRA changes.

  • TRIPRA Legislation
  • Markup of TRIA Changes Made by TRIPRA

TRIPRA – Federal Implementation
This section provides interim guidance to insurers, policyholders,state insurance regulators and the public concerning recent statutory amendments to the Terrorism Risk Insurance Act of 2002.

  • TRIPRA Interim Guidance

TRIPRA – State Implementation
This section contains NAIC issued Model Bulletins and disclosure forms.

  • NAIC-TRIA Model Bulletin
  • NAIC - TRIA Expedited Filing Form
  • NAIC-Disclosure One
  • NAIC-Disclosure Two

TRIPRA – Studies
This section will provide information on the studies that are required to be performed by TRIPRA that include NBCR and availability and affordability of terrorism insurance in certain markets. This category has not been populated because the study activity has not begun.

If you have any questions about TRIPRA, please contact George Green, Senior Director, at (202) 557-2840.

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