Bill to extend TRIA backstop unveiled in House.(News)(Terrorism Risk Insurance Act )

Business Insurance, June, 2004

Byline: MARK A. HOFMANN WASHINGTON-Risk managers and insurers hope Congress moves swiftly to pass legislation, introduced last week, that would extend the Terrorism Risk Insurance Act through the end of 2007. TRIA, which created a federal backstop for private insurers' losses stemming from future catastrophic terrorist attacks, will expire on Dec.

31, 2005, unless Congress reauthorizes it. Insurers, risk managers and businesses have been urging Congress to move as quickly as possible to extend the act. To wait, they say, is to invite market disruptions. Those urging TRIA's extension have found a sympathetic ear on Capitol Hill. Earlier this month, nearly 200 representatives signed a letter to Treasury Secretary John Snow, asking for administration support...

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