Business Services Industry
House panel sets vote for TRIA extension bill; Prospects in Senate uncertain.(News)
Business Insurance, September, 2004 by HOFMANN, MARK A.
Byline: MARK A. HOFMANN WASHINGTON-The House Financial Services Committee next week will mark up legislation that would extend the Terrorism Risk Insurance Act for two years, boosting hopes that the law will be reauthorized this year. TRIA's reauthorization would be welcome news for risk managers, businesses and insurers.
Those groups have been urging lawmakers this year to extend the law-currently slated to expire on Dec. 31, 2005-to prevent dislocations in the insurance marketplace. But even if the full House approves the Terrorism Insurance Backstop Extension Act-H.R. 4634-extension advocates realize that they still face an uphill battle in the Senate, due in part to lawmakers' desire to adjourn early next month. TRIA, enacted in late 2002, created a...
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