WASHINGTON (Dec. 7, 2005)—Today, legislation extending for two years the 2002 Terrorism Risk Insurance Act, or TRIA (PL 107-297) was placed on the suspension calendar and brought to the floor of the House of Representatives where it passed by a 371-49 margin.
“The House's action today is a major step to making TRIA reauthorization a reality prior to Congressional adjournment,” said David Winston, NAMIC’s senior vice president – federal affairs. “NAMIC congratulates Representatives Michael Oxley, R-Ohio, Richard Baker, R-La., and Barney Frank, D-Mass., for their leadership in getting a bi-partisan agreement on this critically important issue.”
Enacted following the Sept. 11 terrorist attacks to help stabilize the commercial insurance market, TRIA created a backstop guaranteeing that the federal government would help pay the costs of large-scale terrorist attacks.
“NAMIC looks forward to the House-Senate conference developing a consensus bill and getting it approved in both Houses and to the President's desk this month. So many critical economic decisions depend on the availability of terrorism coverage, making the TRIA extension imperative to avoid marketplace instability,” said Winston.
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Posted: Wednesday, December 07, 2005 12:00:00 AM. Modified: Wednesday, December 07, 2005 3:06:28 PM.
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