The Department of the Treasury’s Advisory Committee on Risk-Sharing Mechanisms will meet Feb. 1 from 2 p.m.-4 p.m. EST. The meeting will be held in person and virtually and is open to the public. The ACRSM provides advice and recommendations to the Federal Insurance Office with respect to the creation and development of non-governmental, private-market risk-sharing mechanisms for protection against losses arising from acts of terrorism and FIO’s administration of the Terrorism Risk Insurance Program. The ACRSM also informs much of the department’s work in the cyber insurance space.

The advisory committee will hear presentations focusing entirely on the cyber insurance space. The panels and presentations will center on FIO’s work related to consideration of whether a potential federal insurance response to catastrophic cyber loss to U.S. critical infrastructure is warranted and its implications for TRIP.

The group will host a panel discussion with major cyber modeling firms on the current state of cyber modeling, including the modeling of catastrophic events and the potential impact of such events upon TRIP and will also hear a presentation from an insurance rating agency on how it evaluates cyber insurance risk in its considerations and how the existence of programs such as TRIP factor into that evaluation.

The committee will then discuss suggested areas for its focus moving forward relating to private-market risk sharing against losses arising from acts of terrorism and the administration of TRIP. This focus on cyber insurance within the ACRSM is notable given the likelihood of an announcement this year by the federal government of some sort of federal mechanism as it relates to cyber insurance and the conversations around potentially modeling the mechanism after TRIA, or updating the existing program for cyber insurance.

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Publish Date

January 29, 2024

News Type

  • Washington Weekly

Points of Contact
Katherine Duveneck
Katherine Duveneck
Federal Affairs Director