RIMS recommends steps for certifying acts of terror

Delays in terrorism certification "leads to greater uncertainty in the insurance marketplace"

RIMS has written to the U.S. Department of the Treasury, recommending steps for certifying acts of terror.

Recommendations include the Secretary of the Treasury having 60-90 days after an event to decide whether it counts as an act of terror, and allowing insurers to use projected numbers as the insured loss until further data is collected.

“Unnecessary complications or delays in the Government’s decision-making process regarding terrorism certification only leads to greater uncertainty in the insurance marketplace,” wrote RIMS president Rick Roberts. “Our hope is that these revisions to the TRIA program will enable them to more efficiently assess these tragic events and communicate their findings faster to the organizations that have suffered losses.”

Take a look at our February 2015 story on Canada’s lack of TRIA.

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