202004.27
0

GAO Terrorism Report: State of Terrorism Risk Insurance and Update on Treasury’s Program Processes

The U.S. Government Accountability Office recently released a report  that found that under the Terrorism Risk Insurance Act (TRIA), Treasury has processes for certifying terrorist events and fulfilling claims under the program, but a lack of communication about aspects of Treasury’s certification process could pose challenges for insurers. TRIA was reauthorized through 2027 at the…

202004.27
0

GAO Terrorism Report: Program Changes Have Reduced Federal Fiscal Exposure

The U.S. Government Accountability Office recently released a report demonstrating that the Terrorism Risk Insurance Act (TRIA) reauthorizations through 2015 have decreased federal fiscal exposure, and insurers have adjusted by managing their increased risk. In December 2019, Congress reauthorized TRIA through 2027. Read the full report. After the Sept. 11 attacks, insurers generally stopped covering…

201912.23
0

President Trump Signs Legislation to Reauthorize TRIA Through 2027

Late on Friday, Dec. 20, President Trump signed a major appropriations measure, the Further Consolidated Appropriations Act, 2020, or H.R. 1865, to fund the Federal Government through Fiscal Year 2020. Included in this legislation was the “Terrorism Risk Insurance Program Reauthorization Act of 2019” that reauthorizes the Terrorism Risk Insurance Act (TRIA) for an additional…

201912.19
0

CIAT Commends Congress for Passing TRIA Extension: President Trump Expected to Sign Bill

Coalition Says Legislation Is Needed to Protect U.S. Jobs and Economy WASHINGTON, DC, DEC. 19, 2019—The Coalition to Insure Against Terrorism (CIAT), which represents the insurance policyholder community throughout the transportation, real estate, manufacturing, construction, entertainment, education, retail, and other sectors, praises Congress for its bipartisan reauthorization of the Terrorism Risk Insurance Act (TRIA) for…

201912.17
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CIAT Joins Other Trade Groups to Urge Senate Passage of TRIA Reauthorization

Download the full letter here. Dear Majority Leader McConnell and Democratic Leader Schumer: The undersigned organizations, representing a wide variety of business interests, strongly support S. 2877, the Terrorism Risk Insurance Program Reauthorization Act of 2019, and urge the Senate to act on this legislation as soon as possible. S. 2877 is a bipartisan compromise…

201910.30
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CIAT Supports the Committee on Financial Services’ Amendment to TRIA

The Coalition to Insure Against Terrorism (CIAT) submitted the following letter to Chairwoman Maxine Waters and Ranking Member Patrick McHenry: Dear Chairwoman Waters and Ranking Member McHenry: The Coalition to Insure Against Terrorism (“CIAT”) is proud to support the Committee substitute amendment to the Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634), and…

201909.19
0

Extend the Terrorism Risk Insurance Program (TRIA)

In the wake of 9/11, insurers and their reinsurers began to exclude terrorism coverage from commercial policies because they could not adequately forecast loss exposure. Commercial lenders, however, required terrorism coverage and the result was an economic paralysis felt particularly in construction and development, leading to a job loss of approximately 300,000 according the White…

201808.09
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2018 Terrorism Risk Insurance Program Report

Under the Terrorism Risk Insurance Program Reauthorization Act of 2015, the Secretary of the Treasury is required to submit a report regarding the Terrorism Risk Insurance Program to the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate. The 2015 Reauthorization Act also…

201607.01
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Department of the Treasury Report on the Overall Effectiveness of the Terrorism Risk Insurance Program

The Report analyzes data that was collected this year by Treasury concerning the participation of insurers in the Terrorism Risk Insurance Program (TRIP). The Report concludes that TRIP, which provides a federal backstop for certain U.S. property and casualty insurance losses resulting from a certified act of terrorism, is an important mechanism in ensuring that terrorism risk insurance remains available and generally affordable in the United States.