FOR IMMEDIATE RELEASE: September 19, 2007

Larson Applauds TRIA and Protection of the American Way of Life

By passing the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIA) today with a vote of 312 to 110, Congress has secured the growth of American business and personal property in the wake of a terrorist attack. Congressman John Larson CT-01, Vice Chair of the Democratic Caucus, is pleased that after years of working with our constituents and the insurance and financial services industries, Congress was able to craft a bill that was so widely supported. �This legislation is a major blow to terrorist goals of disrupting our economy. It provides the stability necessary to keep America strong and our economy growing in the aftermath of a terrorist attack.�

After September 11th, Congress came together to pass TRIA, legislation that reinforces and assists insurance companies whose resources could have been depleted by the destruction of the attacks. By doing that, money was pumped back into the area around ground zero to encourage the rehabilitation and reconstruction we see in lower Manhattan today. This new version of TRIA will extend these protections and encourage growth around the country. Congressman Larson said, �economic development efforts like those we see throughout Connecticut require some degree of certainty that there will be relief if there is another terrorist incident. By acting as a backstop in the event of a terrorist attack, TRIA provides that certainty.�

The passage of TRIA also makes sure that insurance companies have the resources to pay important personal claims that coincide with a terrorist attack. Without this bill, insurance companies could easily exhaust their resources paying out claims related to an attack � leaving nothing over for other claims. But, TRIA provides a safety net to the American people so that a family in Connecticut whose home burns down in a completely separate incident could be secure knowing that there will be insurance money available to them. �TRIA and the federal government will ensure that insurance reserves are never depleted by a terrorist attack. There will be money available to the average American to cover their insurance claims.�

The bill passed today, extends the protection passed after 9/11 for another 15 years. It also expands the coverage of TRIA in these key ways:

• it covers domestic acts of terrorism in addition to foreign acts of terrorism;
• it includes acts of nuclear, biological, chemical and radiological terrorism that were not part of the original legislation; and
• it adds group life insurance to the list of insurances for which terrorism insurance coverage must be made available.

Protecting the safety and security of America is a top priority in the 110th Congress.

 

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