RIMS calls for faster certification under Terrorism Risk Insurance Act

RIMS, the risk management society, has called on the US Dept. of Treasury to expedite the process for certifying acts of terror.  Its official letter can be read here.

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

Key recommendations include:

• A 60 to 90 day deadline from the date of an event for the Secretary of Treasury to make a formal decision on its certification.
• Allowing insurers to quickly assess the total loss projected from the event and use this projection as the “insured loss” until additional information is collected. This would expedite the process for determining whether the event meets the required TRIA trigger.

For more information about RIMS External Affairs initiatives, visit www.RIMS.org.