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Oregon DFR issues reminder regarding TRIA extension

On March 19th, the Oregon Division of Financial Regulation issued a reminder to insurers regarding the Terrorism Risk Insurance Act (TRIA) extension. The TRIA extension of coverage will last until December 31, 2027 and, as of January 1, 2020, the federal reimbursement level of covered terrorism losses exceeding the statutorily established deductible is now fixed at 80%.

The OR DFR urges insurers to review the DFR’s most recent TRIA extension bulletin, INS 2015-1, for more information. Also, the OR DFR suggests insurers to review the following NAIC link found HERE when developing materials to be filed for Oregon policies.

Oregon will now review and approve Terrorism Conditional endorsement forms, and Disclosure forms containing conditional language. Please be sure to place all terrorism contract forms and Disclosure forms under the Form Schedule tab of the SERFF submission.

Questions for the OR DFR regarding this matter can be sent via e-mail to Jan Vitus at jan.vitus@oregon.gov, or Cliff Nolen at cliff.nolen@oregon.gov.

Westmont Associates, Inc. can assist with TRIA form and rate SERFF filings for all applicable commercial lines of business.   Please do not hesitate to contact us with any questions.

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