8 December 2014 Insurance

Congress continues to grapple with TRIA

Uncertainty remains about the future of the Terrorism Risk Insurance Act (TRIA), the federal risk insurance programme, as Congress continues to disagree.

Congresswoman Carolyn Maloney recently participated in a press conference on the need to reauthorise TRIA.

“The goal of TRIA is to make terrorism insurance available and affordable. And by any measure, TRIA has been a resounding success — premiums for terrorism insurance have stabilised at affordable levels, and the economy has continued to grow,” said Maloney.

“But TRIA is expiring in just four weeks, and we desperately need a long-term reauthorization of TRIA in order to provide certainty for businesses and to avoid another crippling blow to construction projects not just in New York, but all across the country.

“A short-term extension of TRIA is unacceptable — it would be as good as killing the program. Forty-five Republicans in the House have already signed a letter opposing a short-term extension of TRIA, and I can tell you that all the Democrats would oppose a short-term extension. So we need to focus on what kind of long-term extension of TRIA we are going to pass.

Last week, more than 40 members of the US House of Representatives called for action to secure an extension.

The writers of the letter, led by Rep. Stephen Fincher urged Speaker John Boehner and Majority Leader Kevin McCarthy to schedule action on a multi-year extension, and not consider a short-term extension of TRIA because it "would only prolong the uncertainty that is already harming our economy."

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk