WASHINGTON, Aug. 26 -- The American Insurance Association issued the following news release:
Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued the following statement praising the National Association of Insurance Commissioners (NAIC) for its resolution urging congressional reauthorization of the Terrorism Risk Insurance Act (TRIA). The resolution, adopted today by the NAIC's Government Relations (EX) Leadership Council at its Summer National Meeting in Indianapolis, recognizes that TRIA has provided for a viable and stable terrorism risk insurance market which is vital to our nation's economy.
TRIA was first authorized in 2002, subsequently reauthorized in 2005 and 2007, and is scheduled to expire on December 31, 2014. Three TRIA reauthorization bills, H.R. 508, H.R. 1945 and H.R. 2146, have been introduced in the U.S. House of Representatives.
Ms. Pusey's statement follows:
"AIA applauds the NAIC for adoption of its resolution urging Congress to reauthorize TRIA. TRIA's reauthorization is necessary as the program remains an essential component of our nation's economic security.
"Since its inception in 2002, TRIA has stabilized the market and made terrorism risk insurance coverage widely available. TRIA provides much needed predictability for an orderly economic recovery after an event. Thanks to the certainty that the program provides, businesses are able to make decisions and free up capital for business expansion and economic growth.
"AIA will be working in the months ahead to achieve broad bipartisan support for reauthorization of this vital program."
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