House panel approves TRIA extension bill; Backers hope move will give boost to extension effort, but time running out.(News)(Terrorism Risk Insurance Act)

Business Insurance, October, 2004 by HOFMANN, MARK A.

Byline: MARK A. HOFMANN WASHINGTON-A House panel last week overwhelmingly approved a bill to extend the Terrorism Risk Insurance Act through the end of 2007, fueling extension backers' hopes that the measure will be enacted this year. Risk managers, insurers and businesses hold the act should be extended for at least two years before the current Congress adjourns.

A prompt extension of TRIA-which created a federal government financial backstop to help property/casualty insurers cover the losses from future catastrophic terrorist attacks-is necessary, they say, to prevent disruption in the property/casualty market as underwriters and policyholders craft policies this year that would extend beyond TRIA's current expiration date of Dec. 31, 2005. But despite...

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