Industry Alarm Over Failure To Renew TRIA

Business and insurance industry groups have condemned the failure of Congress to renew the Terrorism Risk Insurance Act, says an article in Insurance Journal. The reauthorization of TRIA, which funds federal reinsurance for commercially written terrorism policies, was held up by retiring Oklahoma Republican Senator Tom Coburn, and is set to expire on December 31. “A major terrorist attack occurring without a [TRIA] law on the books,” said Robert Hartwig, president of the Insurance Information Institute, “will be far more disruptive to the U.S. economy than the one where TRIA is in place.” Others quoted in the article made it clear they thought Congress should deal with TRIA renewal asap when it reconvenes in January.