House, Senate differences won't kill TRIA; Lawmakers seek to map long-term solution, but disagree on best route.(News)(Terrorism Risk Insurance Act)

Business Insurance, December, 2005 by Hofmann, Mark A.

Byline: MARK A. HOFMANN WASHINGTON-U.S. House and Senate conferees should be able to resolve a key difference between two bills designed to extend the Terrorism Risk Insurance Act, say proponents of TRIA extension. The difference is the way in which the bills approach providing a long-term answer to the question of how best to provide terrorism insurance.

TRIA, which provides a federal backstop for insurers facing catastrophic losses, is slated to expire on Dec. 31. Both bills would extend TRIA through 2007. Proponents acknowledge, though, that an extension beyond 2007 is doubtful, so they say finding a long-term alternative is critical. The Senate's Terrorism Risk Insurance Act-S.467-calls for the President's Working Group on Financial Markets to...

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