Course Info
In 2002, not long after the September 11 attacks, Congress established the Terrorism Risk Insurance Program (TRIP). The express purpose of that program was to “establish a temporary federal program that provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.” To meet this goal, Congress created a mechanism through which the federal government would share insured losses with the private insurance market. This mechanism is commonly referred to as the "federal backstop."
The current program is set to expire on December 31, 2027. Both the House and the Senate are considering legislative proposals to extend the program through 2034. The House has passed their version of the bill; the Senate bill is awaiting floor consideration.
Join us for an update on TRIP developments and a refresher on the mechanics of federal backstops.
What You Will Learn
- A detailed update on the current state of play in Congress. When will the Senate consider its version of the bill? What are the key differences, if any, between the House and Senate bills?
- A refresher on the TRIP program: what a risk manager should know about TRIP: the private/federal cost share and backdrop; requirements for participation by private insurers; and what constitutes a "covered event."
- An update on the findings from the Treasury Department's request for input on the current program: successes and needs for change.