TRIA receives seven year extension

The seven-year extension of the Terrorism Risk Insurance Act (TRIA) has been met with support by the insurance industry, according to Lloyd’s.
The new law, Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), was a “major milestone for the financial security of the United States,” according to Lloyd’s broker Willis.
TRIA expired on Dec. 31, 2007.
The House last September passed a 15-year extension that would have expanded the bill to cover group life and other lines of coverage, sparking a struggle between the House and the Senate. The House compromised in a seven-year extension.
“Under TRIPRA, the Senate has gone ahead with its own seven-year extension, removing the majority of the House’s expansion proposals, such as covering group life and requiring insurers to offer insurance for chemical, biological, radiological and nuclear (CBRN) attacks,” Lloyd’s reports.
In addition, the Senate maintained the US$100 million threshold, which the House had tried to lower to US$50 million for federal government involvement.