Federal Terrorism Insurance Program to be Extended
By Andrew Cochran
Like the USA PATRIOT Act, the Terrorism Risk Insurance Act (TRIA) was passed in response to the 9/11 attacks. TRIA provided a federal loan program to back up certain lines of insurance in case of catastrophic losses from additional attacks. TRIA is scheduled to expire at the end of this calendar year, but in the past few weeks, after much wrangling with the industry and White House, Congress has moved towards enacting an amended TRIA. The two relevant committees in the House and Senate, chaired by Rep. Oxley and Sen. Shelby respectively, are meeting separately today to pass their versions of the bill. Treasury Secretary Snow has endorsed the Senate version of the bill, indicating Presidential support. A compromise between them which meets with the President's approval now appears almost certain, and as early as this week.
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