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TRIA Extension Battle Heats Up

Despite the threat of a White House veto, the House last week overwhelmingly approved the Terrorism Risk Insurance Revision and Extension Act of 2007, which would extend coverage under TRIA for 15 years and expand its coverage to include domestic acts of terrorism among other things. One of the most...

President and Senate Panel Compromise to Extend TRIA for Seven Years

The Bush Administration and a Senate Panel have agreed to extend TRIA for seven years. A key element of the compromise was the removal of the requirement contained in the House version for covering nuclear, biological, chemical, and radiological (NBCR) attacks. The Senate version calls for studies...

Senate's TRIA Extension: Buildings First, People Second

Unlike the House, the Senate has refused to include any provision for group life insurance in its TRIA extension bill. The Senate compromise covers only property and casualty. The life insurance industry, led by the American Council of Life Insurers, has intensified its lobbying efforts to get group...

Lloyd's 360 Live Debate New York: Sharing Lessons on Terrorism

On November 2, 2007, Lloyd's 360 Live Debate in New York welcomed leaders and decision makers from the business, insurance, government and academic communities to debate the threat of terrorism and political violence to global business. Lloyd's, which insures 93% of the Dow Jones and 92% of FTSE100...

TRIA Extension Battle: Will House Seek a Do-Over?

The Congressional Quarterly Today reported this week that the Senate is nearing a resolution on "pay-as-you-go" budget issues that have hindered attempts in both chambers to extend TRIA. Essentially the Senate is proposing to accelerate the annual repayment plan whereby the insurance industry...

Terrorism and Workers' Compensation: Insights on Protecting Employees

Business Insurance recently hosted a free webinar on protecting people in the age of terrorism. The panel of experts discussed business continuity and recovery plans, communication and chain of command, disaster drills and evacuation plans, partnering with local public agencies, and assessing risks and...

House's Second TRIA Bill: Dead on Arrival?

In a game of legislative chicken, the House passed a compromise bill yesterday to extend TRIA by seven years and to remove language regarding coverage of nuclear, biological, chemical and radiological attacks. But the compromise bill still retains key differences from the Senate bill in terms of the...

President Signs Seven-Year TRIA Extension

President Bush signed H.R. 2761 into law yesterday, extending TRIA by seven years. The Terrorism Risk Insurance Reauthorization and Extension Act (TRIREA) expires on December 31, 2014. The House-Senate compromise covers domestic acts of terror and provides that the government will pay $100 billion of...

Jeffrey E. Thomas on Emerging Issues for Terrorism Insurance

The federal Terrorism Risk Insurance Program Reauthorization Act of 2007 became law on December 26, 2007. It extended the Terrorism Risk Insurance Act (“TRIA”) through the end of 2014 and made other changes to the Act. In this commentary, Associate Dean Jeffrey E. Thomas of the University...

Jeffrey E. Thomas on Emerging Issues for Terrorism Insurance

The federal Terrorism Risk Insurance Program Reauthorization Act of 2007 became law on December 26, 2007. It extended the Terrorism Risk Insurance Act (“TRIA”) through the end of 2014 and made other changes to the Act. In this commentary, Associate Dean Jeffrey E. Thomas of the University...