House Of Representatives Passes Terrorism Insurance Bill

Thursday, December 8th, 2005 Catastrophe Legislation & Regulation

Legislation that will extend the 2002 Terrorism Risk Insurance Act for an additional two years passed on the House of Representatives floor today. The House bill (S. 467) passed by a vote of 371 to 49. TRIA, passed a year after the attacks of Sept. 11, 2001, created a temporary federal program of shared compensation for losses from terrorist events. However, the current prorgam expires on Dec. 31, 2005. Although current Senate and House bills would continue the programs, there will be some changes, including raising the trigger point for federal aid from $5 million to $50 million in the first year and $100 million in the second year.

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http://www.insurancejournal.com/news/national/2005/12/07/62813.htm

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