New Interim Guidance Issued By Department Of Treasury On Terrorism Risk Insurance Act
- Topics:
- Terrorism Insurance
- Tags:
- Blank Rome,
- Government,
- Homeland Security,
- Insurance Company,
- Terrorism,
- Terrorism Risk Insurance Act,
- U.S. Department Of Treasury
- Source:
- Blank Rome
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Overview: The articles defines the legislation the Terrorism Risk Insurance Act of 2002. This historic legislation provides a federal backstop for terrorism insurance. The Terrorism Risk Insurance Act provides that under certain circumstances after an insurance company has paid an amount of claims from terrorist events the government. An “act of terrorism” will have to be “certified” by the Secretary of the Treasury, the Secretary of State and the U.S. Attorney General. New Interim Guidance was provided by the Treasury Department as to provisions of the Act requiring the most immediate attention by insurers. It addresses various items concerning compliance with disclosure requirements and questions for non-U.S. insurer participation by the Treasury Department specifically for the Terrorism Risk Insurance. It provides the information for House Financial Services Committee Contemplates Insurance Hearing, Homeland Security Act of 2002.
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Format: PDF | Size: 101KB | Date: Feb 2003 | Pages: 2
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