Treasury Urged To Extend TRIA Clause
Friday, June 18th, 2004 Catastrophe Legislation & RegulationA group of trade associations and other entities has called upon the Treasury Department to extend the so-called “make available” provision of the Terrorism Risk Insurance Act through the end of 2005, and to do so as quickly as possible. In formal comments filed with Treasury earlier this month, the Washington-based Coalition to Insure Against Terrorism said that the provision “makes the current TRIA program more effective and makes it more likely that American businesses will be covered by terrorism risk insurance.” The provision requires that that insurers that participate in the federal terrorism insurance backstop created by TRIA offer terrorism coverage on substantially the same terms and conditions as they offer other coverages.
External References & Further Reading
http://www.businessinsurance.com/cgi-bin/news.pl?newsId=4009
