Yesterday the OMB’s Office of Information and Regulatory Affairs (OIRA) announced that it had approved an information collection request (ICR) revision by the Treasury Department for their ICR on “Collection of Data from Property and Casualty Insurers for Reports Concerning the Terrorism Risk Insurance Program” (1505-0257). The revision was required because of a need for more information on captive insurers and cyber insurance required by TRIA changes mandated in the latest reauthorization of the program in Title V, Division I of PL 116-94.
According to the supporting document (NOTE: this is a DOCX download link) provided to OIRA:
“The proposed changes regarding cyber insurance seek more detailed information concerning cyber insurance written by insurers subject to the Program, in lines of insurance both covered and not covered by the Program, so that Treasury may better evaluate the Program’s response to cyber-related incidents that could have implications for the Program and its effectiveness, and Treasury’s administration of it. In addition, the proposed changes seek information on the type of policyholders, by size, obtaining cyber insurance, and also request detailed information on coverage for ransomware-related losses, including existing claims information.”
The data collection form (2022
Data Call Non-Small Insurers (Proposed Revisions).xlsx NOTE: this is an
XLSX download link) now includes a page {Cyber (US)} that includes 29 lines for
the collection of data about cyber insurance policies (including ransomware
losses).
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