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Bragg to Leave Terorrism Risk Insurance Program at End of 2013.

Byline: Elizabeth D. Festa,

Jeffrey S. Bragg, the first director of the Terrorism Risk Insurance Program (TRIP) of U.S. Department of Treasury, is leaving at the end of the year, according to a source.

Bragg joined Treasury in April 2003 to serve as the first Executive Director of TRIP, which was established under the Terrorism Risk Insurance Act (TRIA) of 2002.

The news comes the same day as a hearing on TRIA"s quest for renewal was debated in the House Subcommittee on Insurance and Housing.

On Dec. 26, 2007, President Bush signed the Terrorism Risk Insurance Program Reauthorization Act of 2007 into law through December 31, 2014.

The insurance and reinsurance industry desperately want the program renewed once more, at the end of the year or early next year. It could find some favor in Congress if House Financial Services Chairman Jeb Hensarling, R-Texas, sees certain demands for more industry skin in the game met, according to sources.

According to a biography on the Women in Housing & Finance site, he is responsible for implementing the operational requirements of the Act, managing the TRIP staff, consultants and contractors, and setting operational guidelines and policies.

Bragg was appointed by President Reagan and confirmed by the U.S. Senate to administrator of the Federal Insurance Administration where he managed the National Flood Insurance Program (NFIP,) the Federal Riot Reinsurance Program, as well as the Federal Crime Insurance Program.

Before joining Treasury, he was an executive at Risk Enterprise Management (REM) and chief operating officer for Insurance Management Solutions Group, an application software and business process outsourcing provider to insurance companies, according to the bio.
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Publication:Property and Casualty 360
Date:Nov 13, 2013
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