TRIA provides “each entity that meets the definition of insurer . . . Shall participate in the Program.” There are two basic qualifying criteria for an entity to participate in the program as an “insurer.” The entity must hold the proper license or other authorization and the entity must earn “property and casualty insurance” premium.
TRIA recognizes five classifications of appropriate licensure or authorization:
- US State insurance license holder
- Listed non-US insurer
- Federally approved insurer
- Residual market mechanism
- Captive insurance company
Should an insurer qualify under more than one classification, Treasury would regard the insurer as qualifying under the first such classification in the order set forth below.
Property and casualty insurance is more fully described in the following chapter.
3.1 – State Insurance License
3.2 – Non-US Insurers
 Terrorism Risk Insurance Act, Sec. 103(a)(3).
 Terrorism Risk Insurance Act, Sec. 102(6).
 31 C.F.R. § 50.4(o)(1)(ii).