On Monday, President Obama signed into law the TRIA reauthorization bill that passed overwhelmingly in both the House and the Senate last week. TRIA, which lapsed on December 31, 2014, is now officially renewed for six more years through 2020. The renewed legislation triggers government assistance at $200 million (increased
Read More President Obama Signs TRIA Renewal into Law
Terrorism Risk and Insurance
New York Requires Insurer Information in Wake of TRIA Expiration
As of December 31, 2014, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIA”) will expire.
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Senate Adjourns Without Passing TRIA Extension
The U.S. Senate adjourned for the year on Tuesday without passing an extension of TRIA. Strong opposition from retiring Senator Tom Coburn (R-OK) blocked a vote on the measure that was overwhelmingly supported by lawmakers in the House as well as the business community.
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House Passes TRIA Extension and Sends the Bill to Senate
On Wednesday, the House overwhelmingly passed an extension of TRIA by a vote of 417-7. The House vote is a step closer to ensuring the bill does not expire at years’ end.
Read More House Passes TRIA Extension and Sends the Bill to Senate
U.S. House to Vote on TRIA Extension
As the December 31st expiration of TRIA moves closer, House Majority Leader Kevin McCarthy (R-CA) announced yesterday that next week the House will vote on proposed legislation to ensure TRIA does not lapse at year’s end.
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Early Thoughts About Insurance Matters After The 2014 US Elections
With Republicans taking control of the U.S. Senate and increasing its majority in the House of Representatives on Tuesday, Congress will see significant changes next year.
Read More Early Thoughts About Insurance Matters After The 2014 US Elections
U.S. Treasury Department Maintains Stance on Boston Marathon Bombings With Respect to Certification Under TRIA
A spokesperson for the U.S. Treasury Department recently reaffirmed that the “[t]he Secretary has not determined that there has been an ‘act of terrorism’ under the Terrorism Risk Insurance Act” with respect to the April 15, 2013, Boston Marathon bombings.
Read More U.S. Treasury Department Maintains Stance on Boston Marathon Bombings With Respect to Certification Under TRIA
Senate Passes new TRIA Bill; Awaits Response from House
On July 17, 2014, the Senate passed the Terrorism Risk Insurance Program Reauthorization Act of 2014, extending the original Terrorism Risk Insurance Act (“TRIA”) for an additional seven years. If the bill is ultimately signed into law, it will mark a victory for Senator Schumer, who introduced the original version of the bill in April of this year, as well as many industry participants who have been advocating for an extension of TRIA in order to provide clarity and stability with respect to terrorism risks. …
Read More Senate Passes new TRIA Bill; Awaits Response from House
NARAB Included in House TRIA Reauthorization Legislation
This updates our June 20, 2013 posting. …
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PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues
On April 17, 2014, the President’s Working Group on Financial Markets (“PWG”) released its report (the “Report”) to Congress on the state of terrorism risk insurance, as required under the Terrorism Risk Insurance Act (“TRIA”). …
Read More PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues