The tl;dr: Respond to an email and confirm your ownership of the domain within 15 days, or your site dies.

I would discourse further on the silliness of this policy, but they stated it best: "You can thank ICANN...because if it were up to us, and you tasked us with coming up with the most idiotic, damaging, phish-friendy, disaster prone policy that accomplishes less than nothing and is utterly pointless, I question whether we would have been able to pull it off at this level. We're simply out of our league here."