NAIC Supports Reauthorization of Terrorism Risk Insurance Act

WASHINGTON, Aug. 26 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) passed a resolution supporting the reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire in December 2014.

"We strongly urge members of Congress to reauthorize this critical piece of legislation," said NAIC President-Elect and North Dakota Insurance Commissioner Adam Hamm. "In addition to providing essential coverage for commercial policyholders, this federal backstop remains an invaluable part of the industry's ability to preserve its financial protection and maintain risk management."

Signed into law in November 2002 in the aftermath of the 9/11 attacks, TRIA was established to provide economic stability by making terrorism coverage available to businesses. In 2007, NAIC members testified before Congress on the need to extend the program; Congress reauthorized the program in December of that year.

The NAIC passed the resolution during a meeting of the Government Relations Leadership Council during the Summer National Meeting in Indianapolis. Throughout the course of TRIA's implementation, the NAIC has provided guidance for state insurance departments and insurers about its regulatory requirements.

Click HERE to read the resolution.( http://www.naic.org/documents/committees_c_triawg_tria_resolution.pdf)

Click HERE for more information on TRIA.( http://www.naic.org/cipr_topics/topic_tria.htm)

Click HERE for more information on the Summer National Meeting.( http://www.naic.org/meetings_home.htm)

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