Terrorism Risk Insurance Program NPRM

The U.S. Treasury Department issued a notice of proposed rulemaking (NPRM) relating to litigation management regarding insured losses under the terrorism risk insurance program. The regulation, if adopted, would clarify that the exclusive remedy is through a federal cause of action and that state claims would be preempted. Civil actions would also be consolidated. Comments on the proposal should be submitted by July 6. 69 Fed. Reg. 25341 (HK Law).