US Treasury Releases Final TRIA Claims Rule

The Treasury Department Tuesday announced a final claims rule pursuant to the Terrorism Risk Insurance Act (TRIA) of 2002. This rule finalizes the proposed rule published December 1, 2003, and is one in a series of Treasury regulations implementing TRIA. Tuesday's final rule contains procedures for insurers to follow in filing claims and receiving payment of the federal share of compensation for insured losses under the Terrorism Risk Insurance Program. In this regard the final rule provides for advance payments under certain conditions. The final rule also clarifies elements of insured losse...