Finanse publiczne · 13.08.2003

Terrorism Risk Insurance Program

This final rule modifies the current regulatory definition of "direct earned premium" in the regulations under Title I of the Terrorism Risk Insurance Act of 2002 (Act). The Act established a temporary Terrorism Risk Insurance Program (Program) under which the Federal Government will share the risk of insured losses from certified acts of terrorism with commercial property and casualty insurers until the Program sunsets on December 31, 2005. The Department of the Treasury (Treasury) is responsible for implementing the Act. This final rule clarifies the current regulatory definition of "direct earned premium" to parallel the definition of "direct earned premium" in section 102(4) of the Act.