Terrorism Risk Insurance Act

Legislation | Documents

In the aftermath of the 9/11 disaster, I was a strong supporter of the Terrorism Risk Insurance Act, which provided a federal backstop so that terrorism insurance would continue to be available in high-risk areas such as New York City. Based on the evidence to date, I believe that the private sector still will not offer adequate coverage to support economic development in high risk areas. To most effectively encourage the market to develop long-term solutions we need to continue TRIA as a federal backstop, not just for the short term, but for a mid- to long-term time frame.

Legislation

3/8/05 — H.R. 1153 - Terrorism Insurance Backstop Extension Act of 2005 - Extends the Terrorism Risk Insurance Act of 2002 through 2007 and requires the Secretary of the Treasury to determine whether TRIA should be extended to group life insurance.

12/17/05 – H.R. 4619 - Commission on Terrorism Risk Insurance Act - Amends the Terrorism Risk Insurance Act of 2002 to establish the Commission on Terrorism Risk Insurance. Directs the Commission to make recommendations to: (1) encourage the insurance industry to provide affordable terrorism insurance; (2) sustain or supplement the ability of the domestic insurance industry to cover terrorism losses; (3) reduce the federal role over time in any continuing federal terrorism risk insurance program; and (4) evaluate whether coverage under the Terrorism Insurance Program is necessary to permit redevelopment at sites of previous acts of terrorism.

Documents

12/13/05 – New York Delegation Letter to TRIA Conferees Requesting Inclusion of the Commission

10/25/05 – Letter from Cosponsors of H.R. 1153 to Chairman Oxley Requesting Markup

06/30/05 - New York Delegation Letter to Oxley Requesting TRIA hearing

More on Terrorism Risk Insurance Act

Dec 4, 2014 Press Release

WASHINGTON – Congresswoman Carolyn B. Maloney (NY-12) today participated in a press conference on the need to reauthorize the Terrorism Risk Insurance Act with Democratic Leader Nancy Pelosi, Democratic Whip Steny Hoyer, House Financial Services Committee Ranking Member Maxine Waters and other Democratic Members. Maloney’s prepared remarks follow:

Dec 4, 2014 In The News

WASHINGTON (AP) — As Congress races to its lame-duck finish, time is running out on a government program that provides a backstop to private-sector insurance against terrorist attacks.

The program was enacted after the Sept. 11 attacks and has been renewed twice. The market for insurance covering terrorist attacks — which is crucial for economic sectors such as real estate, hospitality and major sports leagues — dried up after the 2001 attacks.

Dec 3, 2014 In The News
Jun 19, 2014 Press Release
WASHINGTON –Congresswoman Carolyn B. Maloney (D-NY) released the following statement in opposition to changes to the Terrorism Risk Insurance Act (TRIA) program contained within the TRIA Reform Act bill considered today by the House Financial Services Committee. “While the TRIA Reform Act is a significant improvement over previous drafts, I still have strong concerns with the bill. Specifically, I oppose the provision that would increase the trigger for the government backstop from $100 million to $500 million. I also oppose treating ‘conventional’ terrorist attacks differently from so-called “NBCR attacks” — nuclear, biological, chemical, and radiological attacks."
May 20, 2014 Press Release

WASHINGTON - Congresswoman Carolyn B. Maloney (NY-12), Ranking Member of the Financial Services Subcommittee on Capital Markets and GSEs, today released the following statement in response to Housing and Insurance Subcommittee Chairman Randy Neugebauer’s (TX-19) offer to meet with Financial Services Committee Democrats “in the very near future” to discuss reauthorizing TRIA.

May 7, 2014 Press Release

WASHINGTON – Congresswoman Carolyn Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and GSEs, today released the following statement on a Terrorism Risk Insurance Act extension proposal from House Financial Services Committee staff.

Apr 10, 2014 Press Release

WASHINGTON – Congresswoman Carolyn Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and GSEs, today released the following statement on a bipartisan Senate bill to reauthorize the Terrorism Risk Insurance Act (TRIA). Maloney is the lead Democratic co-sponsor of the TRIA Reauthorization Act of 2013 (H.R. 508) to extend the Terrorism Risk Insurance Program for five years, through December 31, 2019. 

Jun 17, 2013 Press Release

New York, NY – Congresswoman Carolyn Maloney (NY-12), a senior member of the House Financial Services Committee, today testified in support of a New York City Council resolution (Res 1806-2013) that urges Congress to protect the economic interests of New Yorkers and Americans by extending the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIA).

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