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Witness warns TRIA payouts disproportionately benefit large corporations through captives; committee hears calls for data transparency
Summary
An independent analyst told the House subcommittee that corporate 'captive' insurers capture the bulk of TRIA benefits while paying a small share of post‑event recoupment, and called for greater data transparency and statutory fixes.
At the House Financial Services subcommittee hearing on TRIA reauthorization, Jason Shoop, founder of Centers for Better Insurance LLC, testified that Treasury data show captive insurers — subsidiaries owned by large corporations — receive a large share of potential post‑event payments under TRIA while paying relatively little in statutory surcharges.
"Up to 96¢ out of every dollar that would be paid out under the program would go to large corporations through their captive insurance subsidiaries," Shoop said, citing Treasury reports compiled under the…
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