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