Topic: Terrorism Risk and Insurance

Senate Banking Committee to Consider TRIA Extension Legislation this Week

Multiple news outlets reported today that the Senate Banking Committee will vote on the proposed Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”) this coming Wednesday.  TRIPRA represents the Senate’s attempt at  further  extending the federal terrorism risk insurance program originally established by the Terrorism Risk Insurance Act of 2002 (“TRIA”)  and initially extended to December 31, 2007 by legislation in  2005. 

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Breaking News: House Approves TRIA Extension

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. 

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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. 

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