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TRIA

Key U.S. Senators have announced a bi-partisan agreement on a long term TRIA extension. Senators Charles Schumer (D-NY), Dean Heller (R-NV), Jack Reed (D-RI), Mark Kirk (R-IL), Chris Murphy (D-CT) and Mike Johanns (R-NE) are the cosponsors of the legislation that is expected to be introduced in the next day or two. “In a post-9-11 [...]

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On Tuesday, February 25, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on “Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market.” Witnesses from several industry groups advocated for a long-term, if not permanent, extension of the program beyond its current deadline of December 31, 2014. “The availability and affordability of [...]

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Photo by Don Pollard NEW YORK—Insurance industry experts in a panel discussion agreed that while terrorism risks are changing, they believe the Terrorism Risk Insurance Act (TRIA), set to expire Dec. 31, 2014, will be reauthorized by Congress. In fact, a poll taken at the annual Property/Casualty Insurance Joint Industry Forum found that 93% of [...]

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Because of the significant financial impact of the Sept. 11, 2001 terrorist attacks, Congress created the Federal Terrorism Risk Insurance Act (TRIA). Its purpose is to provide a financial backstop to the insurance industry that would cap losses in the event of another large-scale terrorist event. TRIA was initially set to expire at the end [...]

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