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Friday, January 24, 2014

TRIA Panel: Industry Needs Federal Terrorism Insurance Backstop

Last week, a panel of insurance experts, policyholders and industry professionals met with Members of Congress to discuss the need to reauthorize the Terrorism Risk Insurance Act (TRIA), which is set to expire at the end of 2014.

The panel was organized by Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and the panelists included Jeff DeBoer, President and CEO of the Real Estate Roundtable; Ed Walter, President and CEO of Host Hotels & Resorts, Inc., Molly Campbell, Deputy Executive Director of Finance and Administration at the Port of Los Angeles; and Ethan Sonnichsen, Government Relations, at the National Association of Insurance Commissioners (NAIC).

Attending the discussion were Democratic Representatives Carolyn Maloney (NY), Michael E. Capuano (MA), Al Green (TX), Bill Foster (IL), Stephen Lynch (MA), Denny Heck (WA), Joseph Crowley (NJ), Jim Moran (VA), and Steven Horsford (NV).

“As TRIA’s expiration draws closer, and insurance contracts are coming up for renewal, Congress must provide these industries the certainty they need to continue to foster American economic development,” said Waters. “Americans should rest assured that should a terrorist attack occur, their federal government will not leave them out in the cold.”

Learn more from the House Financial Services Committee.

Watch a Webcast of the panel discussion.

If you would like to learn more about ABIA's support of TRIA or join our TRIA Task Force, please contact us and visit our website.