Despite news reports that the White House plans to veto the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) in its current form, the U.S. House of Representatives overwhelmingly voted 312-110 today in favor of TRIREA, which would extend TRIA 15 more years and add group life insurance and domestic terrorism coverage.
Terrorism Risk and Insurance
White House Opposes TRIA Extension
As we have recently reported on InsureReinsure.com, the Federal Terrorism Risk Insurance Program is due to expire at year-end. Congress is currently considering an extension of the Program, the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”), which we have discussed here, here, here, and here.
CBO Estimates Cost of TRIA Extension to be $8.4 Billion Over the Next Decade
The Congressional Budget Office (“CBO”) released a report last week that estimated the cost of extending the Federal Terrorism Risk Insurance Program to be $3.5 billion for the next five years and $8.4 billion for the next decade.
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Read More CBO Estimates Cost of TRIA Extension to be $8.4 Billion Over the Next Decade
Terrorism Risk Insurance Revision and Extension Act of 2007 Inches its Way Toward Passage
Late yesterday afternoon, the House Financial Services Committee approved an amended version of the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) by a vote of 49 to 20.
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Read More Terrorism Risk Insurance Revision and Extension Act of 2007 Inches its Way Toward Passage
House Subcommittee Approves of TRIA Extension
As we previously wrote about here, legislation has been introduced to further extend the Terrorism Risk Insurance Act (TRIA), currently set to expire at year’s end.
LLoyd’s Insurer Launches Nuclear, Biological and Chemical Cover
By Troutman Pepper Locke on
Managing Agency Partners (“MAP”) recently launched one of the broadest forms of terrorism coverage available since 9/11, a physical damage and liability cover that includes nuclear, biological and chemical risks and both first-party and third-party clean up and decontamination costs.
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Read More LLoyd’s Insurer Launches Nuclear, Biological and Chemical Cover
House Democrats Introduce Bill to Extend and Expand the Federal Terrorism Risk Insurance Program
On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program. The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years.
SCOR to Arbitrate Reinsurance Dispute with World Trade Center Insurer
It didn’t take long for reinsurance disputes to arise from the recent $2 billion settlement between insurers of the World Trade Center and leaseholders of Silverstein Properties, Inc., that was announced on May 23.
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Read More SCOR to Arbitrate Reinsurance Dispute with World Trade Center Insurer