On Friday, the Senate approved, by voice vote, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which seeks to extend the federal Terrorism Risk Insurance Program for an additional 7 years. The Program, originally established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) in wake of September 11, is currently set to expire on December 31. TRIA was previously extended in 2005 by the Terrorism Risk Extension Act of 2005 ("TRIEA"). TRIPRA’s terms differ significantly from that of the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”), which was passed by the House of Representatives in September.
Congress now faces the task of reconciling the two bills to create legislation that is acceptable to the Bush Administration, which has already threatened to veto TRIREA.
We will continue to monitor TRIA-related developments at InsureReinsure.com Click here to review our previous TRIA-related posts