July 22, 2004 by Canadian Underwriter
The U.S. Senate will consider a bipartisan bill to extend the Terrorism Risk Insurance Act (TRIA) until the end of 2007, much to the delight of insurers.
The Property Casualty Insurers Association of America (PCI) says it is pleased to see legislators taking quick action in recognition of the need for stability in the terrorism insurance market heading into renewals in the last half of 2004, some of which involve policies extending beyond TRIA’s original sunset of December 31, 2005.
“The cornerstone of the Senate bill like the two measures introduced recently in the House is a two-year extension of this program critical to the nation’s economic security,” explains Carl Parks, senior vice president of federal government relations for PCI. “The fact that Senators on both sides of the aisle co-sponsored this proposal further drives home the point that the nation needs this tool to remain in place while we continue to fight the war on terrorism.”
The bills would also add group life insurance to the TRIA system.