Terrorism Risk Insurance Act Extensions Met With Resistance
By CP Editorial Staff - November 2007 - Emergency Preparedness
With the current Terrorism Risk Insurance Act (TRIA) bill set to expire Dec. 31, a House bill that would extend TRIA for 15 years faces an uncertain future, according to the Real Estate Roundtable.
Recently, House Financial Services Committee Chairman Barney Frank (D-MA) restated his preference for full House-Senate negotiations on legislation to extend TRIA.
Frank would rather pass a stopgap (120-day) extension than be forced into accepting the shorter-term Senate bill, according to the Roundtable. The program is scheduled to expire on Dec. 31.
The 15-year TRIA extension passed by the House on Sept. 19 would add coverage for domestically sponsored acts of terrorism; require insurers to make coverage available for nuclear-biological-chemical-radiological risks; and add group life insurance coverage.
The 7-year TRIA extension approved by the Senate Banking Committee on Oct. 19 represents a significant compromise between those who support a permanent extension of the program and those who have questioned the need to continue the federal backstop program, according to the Roundtable.
The White House has threatened to veto the House version of the bill, according to the Roundtable.