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

House Passes TRIA Legislation

Dec 17, 2007 Press Release

Washington, DC – The U.S. House of Representatives today passed an extension to the Terrorism Risk Insurance Act (TRIA) by a vote of 360 to 53.  The legislation, which is crucial to the continued development of large commercial real estate projects in cities, will extend TRIA for seven years and help spur the further development of a private market for terrorism risk insurance.  After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies.  As a result, Congress passed TRIA as a three year temporary program in 2002, which created a federal backstop to protect against terrorism related losses.  In 2005, Congress extended the program for two additional years. TRIA is now set to expire at the end of 2007 unless Congress acts again to extend the law.  The measure will now be sent to the President for his signature.

Revised Terrorism Risk Insurance Bill Passes House

Dec 11, 2007 Press Release
WASHINGTON – Congresswoman Carolyn B. Maloney (D-Manhattan, Queens), an original co-sponsor of the “Terrorism Risk Insurance Revision and Extension Act” (H.R. 2761), issued the following statement today after the House passed the “Revised Terrorism Risk Insurance Act (TRIA)” (H.R. 4299) by a vote of 303 to 116:

Rep. Maloney on Senate-Passed TRIA Bill

Nov 16, 2007 Press Release
WASHINGTON – Congresswoman Carolyn B. Maloney (D-Manhattan, Queens), an original co-sponsor of the House-passed “Terrorism Risk Insurance Revision and Extension Act” (H.R. 2761), issued the following statement on the seven-year TRIA extension passed today by the Senate.  Maloney has been a strong advocate of the long-term, 15-year extension of the law included in the House-passed version of the bill:

Terrorism Risk Insurance Bill Clears House

Sep 19, 2007 Press Release
WASHINGTON – A long-term extension of the federal government’s terrorism insurance backstop, which is critical to New York’s economy, passed the U.S. House of Representatives today.  Congresswoman Carolyn B. Maloney (D-Manhattan, Queens), an original co-sponsor of the “Terrorism Risk Insurance Revision and Extension Act” (H.R. 2761), has been a strong advocate for the long-term extension of the law.

Terrorism Risk Insurance Extension Advances

Jul 24, 2007 Press Release

Washington, DC – Congresswoman Carolyn B. Maloney (D-Manhattan, Queens) today applauded the House Financial Services Capital Markets Subcommittee for passing the Terrorism Risk Insurance Revision and Extension Act (H.R. 2761), legislation that would extend the original Terrorism Risk Insurance Act (TRIA).  Congresswoman Maloney, Chair of the House Financial Services Financial Institutions Subcommittee, is an original co-sponsor of H.R. 2761 and a strong advocate for a long-term TRIA extension. 

House Holds NYC Hearing on Extension of Terrorism Risk Insurance Act

Mar 5, 2007 Press Release
New York, NY - Today, the House Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises held a hearing in New York City to discuss extending the Terrorism Risk Insurance Act (TRIA), which is currently scheduled to expire at the end of this year.  The hearing was held at the request of Congresswoman Carolyn B. Maloney (D-Manhattan, Queens), who has led efforts in the House to pass a long-term extension of this vital legislation.  Mayor Michael Bloomberg and Senator Charles Schumer were among the government and business leaders who testified at the hearing, which was chaired by Rep. Gary Ackerman (D-Queens, Nassau).

Terrorism Risk Insurance Extension Gains Final Passage

Dec 17, 2005 Press Release
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.

Moving Closer to an Extension of Terrorism Risk Insurance

Nov 16, 2005 Press Release
WASHINGTON, DC - Thanks to a concerted effort by New York representatives, the government safety net established after 9/11 to encourage economic development in the face of a terrorist threat is more likely to be extended past its December 31 sunset date. Today, the House Financial Services Committee approved a bill to extend the Terrorism Risk Insurance Act (TRIA) for at least two years, while similar legislation is also moving through the Senate. Earlier this year, the Bush administration expressed its opinion that TRIA is no longer necessary - an opinion that was roundly criticized in Congress.

Terrorism Risk Insurance Still Needed: NY Members of Congress Urge Financial Services Chair to Move on Legislation to Extend TRIA

Jul 1, 2005 Press Release
 WASHINGTON, DC - A day after Treasury Secretary John Snow notified Congress that the administration opposes the extension of the Terrorism Risk Insurance Act (TRIA), a group of New York Members of Congress took action to ensure TRIA’s survival. Today, twenty-one bipartisan New York Members - led by Representative Carolyn Maloney (NY-14) - sent a letter to Rep. Michael Oxley (R-OH), Chairman of the House Financial Services Committee, requesting that he move forward promptly on pending legislation to extend the Terrorism Risk Insurance Act (TRIA), which will expire at the end of this year (PDF of letter: http://maloney.house.gov/sites/maloney.house.gov/files/documents/olddocs/banking/063005ltrTRIA.pdf).

Bush Administration Claims Terrorism Risk Insurance is No Longer Necessary

Jun 30, 2005 Press Release
 WASHINGTON, DC - Today, Treasury Secretary John Snow wrote to Congress to state the Administration’s official position that the Terrorism Risk Insurance Act (TRIA), passed after 9/11, is no longer necessary. The program has helped insure commercial property-holders against future terrorists attacks, and it has been a safety net for those looking to build or own property in high-threat areas. Rep. Carolyn Maloney (D-Manhattan and Queens), who represents many major commercial property owners and financial institutions in New York, reacted in strong opposition to the administration’s stance.

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