The Terrorism Risk Insurance Act
Friday, August 15th, 2003 Catastrophe SubrogationPeople clearly recall what they were doing on September 11th, the horror and sorrow for those lost, and the uncertainty about our future. Within a few days of the attack, the property/casualty trades and a number of insurance companies began working together to create a game plan for addressing future acts of terrorism. We intended to present our plan to Congress for their consideration. Anyone involved in that effort remembers how bleak those days were. We knew that another attack could be financially catastrophic because our nation and our industry were not prepared. It is important to place today’s compliance problems in that context. The bad news is that the legislation and requirements that we face don’t work well for all companies.
External References & Further Reading
http://www.namic.org/pcimagazine/070803/tria.asp
