US Senate extends TRIA

The US Senate has passed legislation which would extend the Terrorism Risk Insurance Act (TRIA) for seven years.

David A. Sampson, president and chief executive of the Property Casualty Insurers Association of America (PCI), commented: "We commend the Senate for passing this bill, which would provide a long-term extension for this vital terrorism risk program and help us continue to insure an otherwise uninsurable risk. Extending TRIA for a substantial period of time will help provide market certainty for insurance consumers and ensure that we, not the terrorists, will determine where and what to build. The ability to ensure continued insurance coverage for acts of terrorism will help us preserve our economic security.

"We thank Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Ranking Member Richard Shelby (R-Ala.) for working together diligently to produce a bipartisan bill that the Senate could pass in a timely manner. We must also note, with gratitude, the important role played by House Financial Services Committee Chairman Barney Frank (D-Mass.) and his colleagues in the House of Representatives for passing a bill that helped make a long-term terrorism solution possible.

"We now urge leaders on this issue in the House and Senate to move forward expeditiously to produce a unified bill that both houses of Congress can pass and that the President will sign into law before the program expires Dec. 31st. We stand ready to work with all elected leaders and stakeholders to enact an extension before year's end."