7 January 2015 Insurance

Insurers urge House to reinstate TRIA

Over 1,000 US insurers and businesses have urged the House of Representatives to reinstate the Terrorism Risk Insurance Act (TRIA) when it is considered this week.

Nat Wienecke, senior vice president federal government relations at the Property Casualty Insurers Association of America (PCI), on behalf of more than 1,000 insurers, sent a letter urging the House to vote yes.

The second letter is signed by a coalition representing a diverse and broad majority of business stakeholders, including PCI and The Risk and Insurance Management Society (RIMS).

“It is critical that Congress act immediately to keep our terrorism insurance protection program in place. We urge your support of this important bill,” said the letter.

The renewal of TRIA, widely anticipated to be completed in December, was stopped dead in its tracks by Republican Tom Coburn from Oklahoma. He objected to a part of the bill that created a semi-federal licensing programme for insurance agents, permitting them to sell across US state lines.

Coburn wanted states to be able to opt out of that programme. He has also previously said that he believes the private market will find a way of covering terrorism risks and he sees TRIA as effectively offering the industry a subsidy.

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