Today the Treasury Department’s Federal Insurance Office (FIO) published a notice in the Federal Register (86 FR 64600-64603) concerning proposed changes to the Terrorism Risk Insurance Program’s (TRIP) 2022 Data Call. The revised data collection would include changes to the data templates used to collect information about cyber insurance.
The notice reports that:
“The cyber insurance market continues to grow and evolve, and cyber-related losses (particularly with regard to ransomware) have increased significantly over the past few years.[14] In view of recent market developments and the important role of cyber insurance in the Program, Treasury would like to obtain more detailed information relating to the availability and affordability of such coverage in the market.”
The changes in the cyber question include:
Premium and limits
information for cyber coverages written in non-TRIP-eligible lines of
insurance,
Premium and policy
count information broken out by size of policyholder,
Specific information
on the cyber extortion [ransomware] coverages provided under cyber insurance
policies, and
Loss information regarding these ransomware exposures.
The FOI is requesting public comments about the proposed
changes in the 2022 data call. Comments may be submitted via the Federal
eRulemaking Portal (www.regulations.gov;
docket # OMB Control Number 1505-0257. Comments should be submitted by January
18th, 2022.
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