The Treasury Department is working with the President’s Working Group on Financial Markets to get input on terrorism risk and insurance.

The PWG seeks comments so it can complete a report on long-term availability and affordability of insurance for terrorism risk before the current federal law expires.

Comments from the public are due by Aug. 2.

The working group is made up of senior members of most federal financial regulatory agencies.

The Property Casualty Insurers Association of America backs a long-term reauthorization of the Terrorism Risk Insurance Act (TRIA), which was created as a federal backstop of sorts to prevent financial disaster in the private sector after the 9/11 terrorism attacks.

“The economic fallout from a terrorist attack could be significant,” said Eileen Gilligan, PCI’s senior director of public affairs. “It is important to have a plan in place to protect the economy and provide rapid assistance to impacted businesses. Terrorism risk insurance is fiscally responsible and necessary for the economy and job creation.”

TRIA is set to expire at the end of 2014.