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Monday, November 24, 2014

TRIA Talks at Standstill

TRIA reauthorization is still in question as Senate Democrats and House Republicans have yet to come to an agreement on how to reauthorize the government's terrorism risk insurance program. 

Both parties want to extend TRIA, which expires at the end of the year, but issues over reducing the government backstop and bifurcating the program's treatment of damages are still preventing reauthorizatin by both parties and chambers.

The House bill would return the program to its 2002 definitions, separating damages caused by conventional  means and damages caused by nuclear, chemical, biological and radiological means. 

The Senate bill, which passed with a massive 93 vote majority, would not return the program to its 2002 definitions and includes a seven-year extension.

ABA and ABIA are strong supporters of the Senate's bill and believe the short term extension proposed by the House would resolve little in the markets.

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.