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Friday, March 14, 2014

Chairman Neugebauer Describes Options for TRIA

Rep. Randy Neugebauer (R-TX), Chairman of the House Financial Services Committee's subcommittee on housing and insurance outlined his options for TRIA while speaking at Indiana State University's 10th annual Network Financial Institute insurance public policy summit in Washington. Those options include:
  • Allowing TRIA to expire on December 31, 2014; 
  • Extending the current program;
  • Finding a way to phase out the program by providing insurers time to establish business models to handle terrorism risks; and as a compromise
  • Creating a bifurcation of terrorism coverage by placing traditional terrorism with private insurers, while maintaining the federal backstop for significant nuclear, chemical, biological, or radioactive terrorist attacks.
ABIA supports TRIA reauthorization. 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.