2026 Report on the Effectiveness of the Terrorism Risk Insurance Program

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Published

March 25, 2026

Issuing agencies

Treasury Department

Abstract

The Terrorism Risk Insurance Act of 2002, as amended (TRIA), established the Terrorism Risk Insurance Program (TRIP or Program). TRIA requires the Secretary of the Treasury (Secretary) to submit a report to Congress by June 30, 2026 concerning, in general, the overall effectiveness of TRIP. To assist the Secretary in formulating the report, the Federal Insurance Office (FIO) within the Department of the Treasury (Treasury) is seeking comments from the insurance sector and other stakeholders on the statutory factors to be analyzed in the report, as well as any other feedback on other issues relating to the effectiveness of TRIP.

Full Text

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<title>Federal Register, Volume 91 Issue 57 (Wednesday, March 25, 2026)</title>
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[Federal Register Volume 91, Number 57 (Wednesday, March 25, 2026)]
[Notices]
[Pages 14632-14633]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05795]

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DEPARTMENT OF THE TREASURY

2026 Report on the Effectiveness of the Terrorism Risk Insurance
Program

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Request for comment.

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SUMMARY: The Terrorism Risk Insurance Act of 2002, as amended (TRIA),
established the Terrorism Risk Insurance Program (TRIP or Program).
TRIA requires the Secretary of the Treasury (Secretary) to submit a
report to Congress by June 30, 2026 concerning, in general, the overall
effectiveness of TRIP. To assist the Secretary in formulating the
report, the Federal Insurance Office (FIO) within the Department of the
Treasury (Treasury) is seeking comments from the insurance sector and
other stakeholders on the statutory factors to be analyzed in the
report, as well as any other feedback on other issues relating to the
effectiveness of TRIP.

DATES: Submit comments on or before May 8, 2026.

ADDRESSES: Submit comments electronically through the Federal
eRulemaking Portal at <a href="http://www.regulations.gov">http://www.regulations.gov</a>, in accordance with
the instructions on that site, or by mail to the Federal Insurance
Office, Attn: Richard Ifft, Room 1410 MT, Department of the Treasury,
1500 Pennsylvania Avenue NW, Washington, DC 20220. Because postal mail
may be subject to processing delays, it is recommended that comments be
submitted electronically. If submitting comments by mail, please submit
an original version with two copies. Comments concerning the 2026
report on the effectiveness of the Terrorism Risk Insurance Program
should be captioned with ``2026 TRIP Effectiveness Report.'' In
general, Treasury will post all comments to <a href="http://www.regulations.gov">www.regulations.gov</a> without
change, including any business or personal information provided such as
names, addresses, email addresses, or telephone numbers. All comments,
including attachments and other supporting materials, are part of the
public record and subject to public disclosure. You should submit only
information that you wish to make available publicly. Where
appropriate, a comment should include a short Executive Summary (no
more than five single-spaced pages).
Additional Instructions. Responses should also include: (1) The
data or rationale, including examples, supporting any opinions or
conclusions; and (2) any specific legislative, administrative, or
regulatory proposals for carrying out recommended approaches or
options.

FOR FURTHER INFORMATION CONTACT: Richard Ifft, Lead Management and
Senior Insurance Policy Analyst, Terrorism Risk Insurance Program,
(202) 622-2922, or Theodore Newman, Senior Insurance Regulatory Policy
Analyst, Federal Insurance Office, (202) 622-1374. Persons who have
difficulty hearing or speaking may access these numbers via TTY by
calling the toll-free Federal Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION:

I. Background

TRIA \1\ requires participating insurers to make insurance
available for losses resulting from acts of terrorism and provides a
federal government backstop for the insurers' resulting financial
exposure. TRIA established TRIP within Treasury, and TRIP is
administered by the Secretary with the assistance of FIO. TRIA Section
104(h)(2) requires the Secretary to periodically prepare and submit a
report to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate on, among other things, the impact and
effectiveness of TRIP (``Effectiveness Report''). TRIA was reauthorized
in December 2019 with an additional requirement that Treasury's
Effectiveness Reports analyze the availability and affordability of
terrorism risk insurance, including specifically for houses of worship.
The Effectiveness Report that is to be submitted by June 30, 2026 will
include an analysis of information that is being collected by Treasury
through the 2026 TRIP Data Call,\2\ as well as data that Treasury
collected in prior TRIP data calls. Treasury's data calls are conducted
pursuant to TRIA Section 104(h) and obtain information to facilitate
Treasury's analysis of the effectiveness of TRIP and the
competitiveness of small insurers in the terrorism risk insurance
marketplace,\3\ as well as to assist Treasury more generally in the
administration of TRIP.
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\1\ Public Law 107-297, 116 Stat. 2322, codified at 15 U.S.C.
6701, note. Because the provisions of TRIA (as amended) appear in a
note, instead of particular sections, of the United States Code, the
provisions of TRIA are identified by the sections of the law.
\2\ A notice announcing the commencement of the 2026 TRIP Data
Call also appears in this issue of the Federal Register.
\3\ TRIA Sec. 108(h).
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II. Solicitation for Comments

Treasury seeks comments on each of the following factors, which
Treasury is required under TRIA Section 104(h)(2) to consider in the
Effectiveness Report:
1. The overall effectiveness of TRIP;
2. The availability and affordability of terrorism risk insurance,
including specifically for places of worship;
3. Any changes or trends relating to the data Treasury collects in
its annual TRIP data calls, and the implications of such observations
with regard to the effectiveness of TRIP;
4. Whether any aspects of TRIP have the effect of discouraging or
impeding insurers from providing one or more lines of commercial
property and casualty insurance coverage or coverage for acts of
terrorism; and
5. Any impact of TRIP on workers' compensation insurers in
particular. This request for comment will provide stakeholders the
opportunity to provide qualitative feedback and analysis that may not
be otherwise observable through the results of the TRIP data calls.
Information and views of stakeholders on the factors listed above will
assist Treasury in the formulation of the Effectiveness Report and
provide meaningful opportunity for stakeholder engagement. In addition,
and more generally, such public input may assist the Secretary in the
administration of TRIP.
In addition to seeking comments on the above factors outlined in
Section

[[Page 14633]]

104(h)(2) of TRIA, Treasury understands that other issues and factors
in the insurance market relating to terrorism risk insurance, other
than those factors specified in TRIA, could have an impact on the
effectiveness of the Program, as well as FIO's administration of TRIP.
Treasury accordingly also seeks comments on the following topics:

General Topics

1. Whether the lines of insurance currently subject to the Program
properly identify those areas where TRIP is necessary to ensure the
availability and affordability of terrorism risk insurance, or whether
certain lines should either be deleted or added;
2. The availability of terrorism risk insurance coverage for losses
arising from nuclear, biological, chemical, or radiological (NBCR)
exposures, and the availability of reinsurance or capital markets
support for such terrorism risk insurance;
3. Changes in the property, casualty, and reinsurance markets since
the 2024 Program Effectiveness Report that may have affected the
pricing, affordability, availability, and take up of terrorism
insurance;
4. Any comments relating to the potential reauthorization of the
Terrorism Risk Insurance Program beyond the current expiration date of
December 31, 2027, including the need for reauthorization or for any
potential changes to the Program's requirements or provisions.

Cyber-Related Topics

5. Terrorism risk insurance issues presented by cyber-related
losses, and the impact of TRIP in connection with such exposures,
including your views on cyber-related terrorism losses that are
included within TRIP and those losses outside of TRIP;
6. Any potential changes to TRIA or TRIP that would encourage the
take up of insurance for cyber-related losses arising from acts of
terrorism as defined under TRIA, including, but not limited to the
potential modification of the lines of insurance covered by TRIP and
revisions to any of the current sharing mechanisms for cyber-related
losses, such as, for example, the individual insurer deductible or the
federal share percentage.
7. The availability of reinsurance or capital markets support for
cyber-related losses arising from acts of terrorism as defined under
TRIA;