H.R. 2761: the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA)
September 19, 2007
On Wednesday the House considered legislation that I filed, along with Financial Services Committee Chairman Barney Frank: H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA). Our bill extends the Terrorism Risk Insurance Act (TRIA) for fifteen years and will spur the development of a private market for terrorism risk insurance. After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies. As a result, Congress passed TRIA in 2002 which created a federal backstop to protect against terrorism related losses. In 2005, the measure was extended for two years and currently is set to expire at the end of 2007.
The Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) will: extend TRIA for fifteen years; include coverage for nuclear, biological, chemical and radiological (NBCR) attacks; include acts of domestic terrorism and add group life insurance to the lines of insurance for which terrorism coverage must be made available. The legislation also requires continued study of the development of a private market for terrorism risk insurance. TRIA has helped make terrorism insurance available and affordable to businesses, particularly those in our major urban areas. Improving and extending this program will help spur America's continued economic development by providing certainty that terrorism insurance will continue to be available. I voted YES. H.R. 2761 passed in the House with strong bipartisan support.
Contact: Alison M. Mills (617) 621-6208
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