On January 20th, 2021, The Louisiana Department of Insurance issued Bulletin 2021-01 to advise insurers of the recent amendment and extension to the Terrorism Risk Insurance Act (TRIA). Additionally, the Louisiana Department of Insurance has rescinded Bulletin 2015-01, which addresses the now expired version of the TRIA.
Several changes have been made to the TRIA, including the elimination of outdated language, amended timing for mandatory recoupment periods, additional reporting requirements for the Secretary of Treasury and Comptroller General of the United States, as well as a change to the reimbursement level for covered terrorism losses to a fixed 80%. This amended version of the TRIA is extended until December 31st, 2027.
For more details relating to this amended version of the TRIA, please review the Bulletin HERE.
Westmont Associates, Inc. routinely submits TRIA form and rate filings on behalf of our clients in SERFF. If you require any assistance with these submissions, please do not hesitate to contact us.