Terrorism Risk Insurance Act
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.
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.
More on Terrorism Risk Insurance Act
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:
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.
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.
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.
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.
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).