GAO examines TRIA effects.(Capitol Beat)

Claims, July, 2004

After the terrorist attacks of Sept. 11, 2001, insurance coverage for terrorism largely disappeared. The following year, Congress passed the Terrorism Risk Insurance Act to help commercial property-casualty policyholders obtain terrorism insurance and give the insurance industry time to develop mechanisms to provide such insurance after the act expires on Dec. 31, 2005.

The United States General Accounting Office recently assessed the Treasury's progress in implementing TRIA and how the act affected the terrorism insurance market. Among its actions, the Treasury has issued regulations, created and staffed the Terrorism Risk Insurance Program office, and begun mandated studies and data collection efforts. However, a decision has not been made whether to extend...

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