Benjamin Lawsky, the superintendent of financial services for New York, has urged insurers based in
the state to respond in writing to a number of questions related to the expiration of the Terrorism
Risk Insurance Program Reauthorization Act of 2007 (TRIA).
After the US Congress allowed TRIA to run out on 31 December 2014, New York’s Department of
Financial Services has stated that it is “deeply concerned” about the negative economic impact this
could have on New York's construction and insurance industries, as well as other related sectors.
In a letter from 26 December 2014, Lawsky stated: “This request is being addressed to all insurers
that are licensed to write lines of commercial property or liability business, including workers
compensation, in the state of New York, and is limited to information concerning risks domiciled or
written in the State of New York.”
The relevant insurers have been asked to provide the information no later than 12 January 2015 in
order to, as Lawsky puts it, “better assess the pending damage—economic and otherwise” from the
expiration of TRIA.
The questions put forward by Lawsky are concerned with whether the insurers plan to non-renew
any insurance policies that are presently subject to coverage under TRIA, what the nature of their
current terrorism coverage is, and what they perceive to be the impact of TRIA's non-renewal on
their financial condition.
