President’s Working Group on Financial Markets Seeks
March 2, 2006
Comments on Long-Term Availability and Affordability of Terrorism Risk Insurance
Washington, DC– The Treasury Department, as chair of the President's Working Group on Financial Markets, is submitting for publication a Notice in the Federal Register today seeking comments on the long-term availability and affordability of terrorism risk insurance, including terrorism risk insurance coverage for group life and for chemical, nuclear, biological, and radiological events. The comment period closes 45 days after the Notice's date of publication in the Federal Register.
The Terrorism Risk Insurance Extension Act of 2005 was enacted on December 22, 2005. It requires the President's Working Group on Financial Markets, in consultation with the National Association of Insurance Commissioners, representatives of the insurance industry, representatives of the securities industry, and representatives of policy holders, to perform an analysis regarding the long-term availability and affordability of insurance for terrorism risk, including group life coverage and coverage for chemical, nuclear, biological, and radiological events. The Federal Register notice seeks comment from these and any other interested parties as a means of satisfying the consultation requirement in the most open and efficient manner. The President's Working Group must report its findings to Congress by September 30, 2006.
The President's Working Group on Financial Markets (established by Executive Order 12631) is comprised of the Secretary of the Treasury, the Chairman of the Federal Reserve Board, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading Commission. The Secretary of the Treasury chairs the President's Working Group.
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