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Federal Register / Vol. 86, No. 109 / Wednesday, June 9, 2021 / Rules and Regulations UAE government boycott law or policy that would give rise to a presumption that the request was boycott-related.
U.S. persons are reminded that requests that are on their face boycottrelated or that are for action obviously in furtherance or support of an unsanctioned foreign boycott are subject to this part of the EAR, irrespective of the country of origination. For example, requests containing references to blacklisted companies, Israel boycott list, non-Israeli goods, or other phrases or words indicating a boycott purpose would be subject to the appropriate provisions of the Departments antiboycott regulations in this part.
Matthew S. Borman, Deputy Assistant Secretary for Export Administration.
FR Doc. 202112125 Filed 6721; 4:15 pm BILLING CODE 351033P

DEPARTMENT OF THE TREASURY
31 CFR Part 50
Terrorism Risk Insurance Program;
Updated Regulations in Light of the Terrorism Risk Insurance Program Reauthorization Act of 2019, and for Other Purposes Departmental Offices, Department of the Treasury.
ACTION: Final rule.
AGENCY:

The Department of the Treasury Treasury is issuing this final rule to implement technical changes to the Terrorism Risk Insurance Program TRIP or Program rules in response to the Terrorism Risk Insurance Program Reauthorization Act of 2019. In addition, Treasury is issuing this final rule to: Clarify the manner in which Treasury will calculate property and casualty insurance losses for purposes of considering certification of an act of terrorism, and insured losses when administering the financial sharing mechanisms under the Program, including the Program Trigger and Program Cap; incorporate into the Program rules the prior guidance provided by Treasury in connection with stand-alone cyber insurance under the Program; and provide updated links to additional information found on the Programs website relating to administration of the Program. The changes were published in proposed form for public comment by Treasury on November 10, 2020.
DATES: This rule is effective July 12, 2021.

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SUMMARY:

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FOR FURTHER INFORMATION CONTACT:

Richard Ifft, Senior Insurance Regulatory Policy Analyst, Federal Insurance Office, 2026222922, Lindsey Baldwin, Senior Insurance Regulatory Policy Analyst, Federal Insurance Office, 2026223220, or Daniel McKnight, Policy Analyst, 202
6227009.
SUPPLEMENTARY INFORMATION:
I. Background The Terrorism Risk Insurance Act of 2002 as amended, the Act or TRIA 1
was enacted on November 26, 2002, following the attacks of September 11, 2001, to address disruptions in the market for terrorism risk insurance, help ensure the continued availability and affordability of commercial property and casualty insurance for terrorism risk, and allow for the private markets to stabilize and build insurance capacity to absorb any future losses for terrorism events.2 TRIA requires insurers to make available terrorism risk insurance for commercial property and casualty losses resulting from certified acts of terrorism termed insured losses under TRIA, and provides for shared public and private compensation for such insured losses. The Program has been reauthorized four times, most recently by the Terrorism Risk Insurance Program Reauthorization Act of 2019 2019 Reauthorization Act.3
The Secretary of the Treasury Secretary administers the Program, with the assistance of the Federal Insurance Office FIO.4 To assist insurers, policyholders, and other interested parties in understanding and complying with the requirements of the Act, Treasury has issued regulations implementing the Program the Program Rules.5 In some instances, Treasury has also issued interim guidance that may be relied upon by insurers until superseded by any regulations. Of 1 Public Law 107297, 116 Stat. 2322, codified at 15 U.S.C. 6701 note. Because the provisions of TRIA as amended appear in a note instead of particular sections of the U.S. Code, the provisions of TRIA are identified by the sections of the law.
2 TRIA sec. 101b.
3 See Terrorism Risk Insurance Extension Act of 2005, Public Law 109144, 119 Stat. 2660;
Terrorism Risk Insurance Program Reauthorization Act of 2007, Public Law 110160, 121 Stat. 1839;
Terrorism Risk Insurance Program Reauthorization Act of 2015, Public Law 1141, 129 Stat. 3;
Terrorism Risk Insurance Program Reauthorization Act of 2019, Public Law 11694, 133 Stat. 2534.
4 31 U.S.C. 313c1D.
5 See 31 CFR part 50. Treasury summarized the history of prior rulemakings in connection with the Program in a 2016 proposed rulemaking proposing rule changes to implement the 2015
Reauthorization Act. See 81 FR 18950, 1895091
Apr. 1, 2016, https www.federalregister.gov/
documents/2016/04/01/2016-06920/terrorism-riskinsurance-program.

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relevance to this final rule, in December 2016, Treasury issued interim guidance confirming that certain stand-alone cyber coverage written in a TRIP-eligible line of insurance was within the scope of the Program, such that insurers were obligated to adhere to the make available and disclosure requirements under TRIA for such coverage Cyber Guidance.6
Treasury proposed the changes in this final rule in a November 2020 notice of proposed rulemaking the November 2020 NPRM.7 In response to the reauthorization of the Program for an additional seven years under the 2019
Reauthorization Act, Treasury proposed certain technical changes to align the Program Rules to the new dates for expiration of the Program and schedule for recoupment of any payments.
Treasury also proposed in the November 2020 NPRM certain definitional changes to confirm and clarify the guidance on cyber coverage in this area that Treasury provided in its December 2016 Cyber Guidance. In addition, Treasury proposed in the November 2020 NPRM
several changes, in part in response to a report by the Government Accountability Office GAO, addressing certain sources of risk and uncertainty related to the Program.8 In its report, GAO indicated that, based upon its engagement with stakeholders during the preparation of the report, some uncertainty may exist about how Treasury would apply policyholder retention amounts in calculating property and casualty insurance losses versus insured losses to determine the Program certification threshold, Program Trigger, and Program Cap.9 GAO recommended that Treasury provide further clarification to prevent uncertainty in the insurance market and potential litigation following a terrorist event that that could delay insurance payments and economic recovery. 10 Treasury proposed certain 6 Guidance Concerning Stand-Alone Cyber Liability Insurance Policies Under the Terrorism Risk Insurance Program, 81 FR 95312 Dec. 27, 2016, https www.federalregister.gov/documents/
2016/12/27/2016-31244/guidance-concerningstand-alone-cyber-liability-insurance-policiesunder-the-terrorism-risk.
7 Terrorism Risk Insurance Program; Updated Regulations in Light of the Terrorism Risk Insurance Program Reauthorization Act of 2019, and for Other Purposes, 85 FR 71588 Nov. 10, 2020, https www.federalregister.gov/documents/
2020/11/10/2020-24522/terrorism-risk-insuranceprogram-updated-regulations-in-light-of-theterrorism-risk-insurance.
8 GAO, Terrorism Risk Insurance: Program Changes Have Reduced Federal Fiscal Exposure GAO20348 Apr. 2020, https www.gao.gov/
assets/710/706243.pdf.
9 Id. at 1819.
10 Id. at 19.

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