FOR IMMEDIATE RELEASE
NAIC SUPPORTS REAUTHORIZATION OF TERRORISM RISK
INDIANAPOLIS, Ind. (Aug. 26, 2013) —The National Association of Insurance
Commissioners (NAIC) passed a resolution supporting the reauthorization of
the Terrorism Risk Insurance Act (TRIA), which is set to expire in December
“We strongly urge members of Congress to reauthorize this critical piece
of legislation,” said NAIC President-Elect and North Dakota Insurance
Commissioner Adam Hamm. “In addition to providing essential coverage for
commercial policyholders, this federal backstop remains an invaluable part
of the industry’s ability to preserve its financial protection and maintain
Signed into law in November 2002 in the aftermath of the 9/11 attacks,
TRIA was established to provide economic stability by making terrorism
coverage available to businesses. In 2007, NAIC members testified before
Congress on the need to extend the program; Congress reauthorized the
program in December of that year.
The NAIC passed the resolution during a meeting of the Government
Relations Leadership Council during the Summer National Meeting in
Indianapolis. Throughout the course of TRIA’s implementation, the NAIC has
provided guidance for state insurance departments and insurers about its
Click HERE to read the resolution.
Go to the Terrorism Insurance Implementation (C) Working Group page
for more information on TRIA.
Click HERE for more
information on the Summer National Meeting.