The Terrorism Risk Insurance Act (TRIA) was signed into law following the September 11th terrorist attacks, creating a critical insurance backstop that provides important protections for jobs, entertainment venues and regional economies across America in the event of another terrorist attack. TRIA was reauthorized in 2015 and is due to expire at the end of 2020., Given the importance of this insurance coverage in New England and beyond, and the need for certainty for the insurance industry, the Committee sent letters of support legislation to reauthorize TRIA for seven years to both the House of Representatives and the Senate.
In November, the House of Representatives passed the Terrorism Risk Insurance Program Reauthorization Act of 2019 by a vote of 385 to 22.
The legislation was incorporated into the $1.4 trillion year-end spending bill which was passed by both the House and Senate in the final days of the 2019 legislative session, and signed by the President, providing much-needed certainty to the insurance industry and ensuring that the necessary coverage will be available in the event of a future attack.
Recently from the Blog
May 29 Daily Round-Up: NEC Members Contribute to COVID-19 Crisis Response