Treasury Department Evaluating Captives Role In TRIP

The Treasury Dept has collected data from property and casualty insurers regarding the Terrorism Risk Insurance Program, which includes cyber insurance, mostly for ransomware attacks, that come under the program. An advisory committee recommended that Treasury evaluate the way captive insurers access TRIP, to make sure that the risk-sharing principles of the program are adhered to. Treasury wants to require more detail from captive insurers concerning their underwriting of terrorism risk insurance, cyber insurance and other general lines of insurance they provide — the type and size of policyholders, coverage for ransomware-related losses and existing claims information.