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Wednesday, February 6, 2013

TRIA Extension Introduced in House

Reps. Michael Grimm (R-N.Y.) and Carolyn Maloney (D-N.Y.) late Tuesday introduced a bill -- the TRIA Reauthorization Act of 2013 (H.R. 508) -- that would extend the federal Terrorism Risk Insurance Program for five years through Dec. 31, 2019.

The Terrorism Risk Insurance Act was first passed in 2002 in response to the 9/11 terrorist attacks to provide a public-private risk sharing mechanism.

The program, which was extended in 2005 and 2007, requires private insurers to offer commercial customers terrorism insurance, and it gives such insurers a backstop of government funds for a large certified terrorism event -- one above $100 million in losses.

Read Rep. Grimm's press release.