January 3, 2017
The United States Department of the Treasury issued a “Notice of Guidance” December 27, 2016, which clarifies that stand-alone “Cyber Liability” insurance policies are included under the Terrorism Risk Insurance Act of 2002, as amended (“TRIA”). TRIA requires insurers to “make available” terrorism risk insurance for commercial property and casualty losses resulting from certified acts of terrorism (insured losses)1, and provides for shared public and private compensation for such insured losses.Effective April 1, 2017, and consistent with TRIA and the TRIA program regulations, an insurer must provide disclosures and offersthat comply with TRIA and the program regulations on any new or renewal policies reported as standaloneCyber Liability insurance.
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