Congress OKs Extension of Terrorism Insurance Act
Congress this week approved legislation to reauthorize the Terrorism Risk Insurance Act (TRIA) for six years, and President Obama is expected to sign it.
TRIA allows for the federal government to serve a backstop for businesses after a massive terrorist attack.
But after the program expired at the end of the year, insurers were unsure if they could continue to offer protection against terrorist attacks without hiking premiums, perhaps unaffordably for developers, retailers, and other businesses that could be vulnerable to attacks.
“This reauthorization was essential and restores much-needed certainty to the insurance industry here in the Insurance Capital,” said Gov. Malloy.
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