Search
 

GlobeSt.com UPDATE: House Votes to Extend TRIA

WASHINGTON, DC-The US House of Representatives passes a bill that extends the scheduled Dec. 31 expiration of the Terrorism Risk Insurance Act for an additional two years. The House will now meet in committee with the US Senate, which already passed it's version of the legislation, to hammer out a final bill.

By Barbra Murray | Updated on December 07, 2005

(To read more on the debt and equity markets, click here.)

WASHINGTON, DC-Congress has taken another step toward putting an extension of the Terrorism Risk Insurance Act of 2002 in place now that the US House of Representatives has passed HR 4314, calling for the delay of TRIA’s impending Dec. 31 expiration date to Dec. 31, 2007. Yesterday afternoon’s passage of the Terrorism Risk Insurance Revision Act of 2005, which also incorporates a handful of amendments to the original, came about three weeks after the US Senate passed its version of extension legislation, the Terrorism Risk Insurance Extension Act of 2005, or S 467. For previous coverage, click here.

Leaders from a wide range of industries–including real estate, mortgage banking and insurance–have long advocated an extension of TRIA. The program was put in place in response to the Sept. 11 terrorist attacks that led to a sudden absence in availability of terrorism coverage and a severe blow to the national economy, as development projects came to a halt and future construction endeavors were put on the back burner. TRIA established a federal backstop guaranteeing that the government would cover payouts, beyond the initial deductible, up to $100 billion of insurers’ liability in the event of future devastating terrorist attacks.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.