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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 01, 2017 12:51 PM (EST)
Captive insurers hoping to fall under a small company exemption as part of the U.S. Department of the Treasury’s (Treasury) first terrorism data call will likely find themselves part of the process, according to a new A.M. Best briefing.
The Best’s Briefing, titled, “U.S. Treasury Terrorism Data Call Nearing For Captive Insurers,” states that these captives will likely be required to submit their terrorism data by no later than May 15, 2017. The Treasury data call is mandated under Section 111 of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2015, which directs the Treasury to collect data on the terrorism risk insurance market and report to Congress on its findings.
For many A.M. Best-rated captives, such as single parent types, this request should be straightforward as they have extremely high quality data and are part of much larger organizations with extensive resources. These insurers also utilize some of the larger captive risk managers, which know the captive’s risks as intimately as the insurer itself.
Ultimately, A.M. Best believes that the rated captives are well-equipped to handle this data request; however, it remains to be seen how the Treasury will respond to the data collected.
To access the full copy of this briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=259138 .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.