Terrorism Risk Insurance Extension Gains Final Passage

WASHINGTON, DC - An extension of the Terrorism Risk Insurance Act, which was set to expire at the end of the year, was approved by Congress today. The final version of the legislation was more limited than the version previously approved by the House of Representatives, but it nevertheless extends TRIA for two years.

Rep. Carolyn Maloney (NY-14), who represents part of Manhattan and has worked closely on TRIA in the Financial Services Committee, applauded the extension of TRIA. She also expressed the ongoing need for certain elements of the House legislation that were left out of the final bill, including the creation of a commission to study the problem and make recommendations, and the inclusion of group life insurance coverage. Maloney and Rep. Vito Fossella (R-NY) will introduce legislation to enact certain parts of the House TRIA bill that were left out of the final bill.

“Terrorism Risk Insurance put this country on stronger economic footing after 9/11, and it’s still a necessity in the face of the continuing terrorist threat,” said Maloney. “The extension originally passed in the House contained some important provisions which have since been removed, so it is crucial that we revisit those in the near future. Nevertheless, I applaud my colleagues in Congress for recognizing the urgent need to extend TRIA and for taking immediate action.”

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