LMA provides interim guidance on the potential 'expiry' of TRIA
The Lloyd’s Market Association (LMA) has warned its members of ongoing uncertainty over the eventual form of the reauthorised Terrorism Risk Insurance Program Reauthorization Act (TRIA).
In light of this uncertainty, it has provided interim guidance on wording for contracts that provide cover beyond 31 December 2020.
TRIA is scheduled to expire on 31 December 2020 and could be reauthorised before year-end, or in Q1 2020.
“There has been a flurry of activity in Congress over the last two weeks with the introduction of reauthorization Bills in both the House of Representatives and the Senate,” the LMA said in a letter to its members. “A TRIA reauthorization Bill has now passed the full House of Representatives and the Senate Banking Committee. All that remains is passage by the full Senate and the inevitable signature from the US President for this to become law. Unfortunately, the timetable for this remains unclear as the Senate currently has a very busy calendar.”
Lloyd's America has been actively involved in discussions on the future of TRIA with lawmakers and other stakeholders, and the LMA has continued to work with Lloyd's in support of its lobbying efforts for the continuation of TRIA.
