WASHINGTON: ‘ CONGRESS FAILS TO REAUTHORISE TERRORIST RISK INSURANCE TO 2015 ‘

#AceFinanceNews – WASHINGTON:Dec.28:Recently another change took place in Congress took major commercial insurers, and lenders, serving the real estate, tourism, and construction sectors by surprise when Congress’s failed to reauthorize the federal government’s terrorism insurance backstop,or at least extend it into 2015.

The Terrorism Risk Insurance Act(TRIA) was established in November 2002 as a federal backstop to protect insurers in the event an act of terrorism results in losses above $100 million.

It has been extended and reauthorized twice. The insurance industry had hoped that TRIA would be renewed for another six years. The bill — the Terrorism Risk Insurance Program Reauthorization Act of 2014 — was passed by the House, but Senate Republicans and Democrats remained in disagreement through the end of the legislative session.

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