Officials Encourage Congress to Extend TRIA

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WASHINGTON, DC-In a letter to the leaders of the US House of Representatives and the US Senate, officials of the National Conference of State Legislatures implore members to pass an extension of the Terrorism Risk Insurance Act of 2002. TRIA has a Dec. 31 expiration date.

The short-term extension, NCSL says, will allow lawmakers to develop a long-term solution to address the issues for which TRIA was originally put in place. In response to the economic devastation caused by the September 11, 2001 terror attacks, lawmakers signed TRIA into law to provide a temporary federal reinsurance to cover insurance payouts for damaged properties in the event of other terror attacks.