Washington==President George W. Bush this afternoon signed without comment or fanfare a two-year extension of the Terrorism Risk Insurance Act, just over a week before the controversial federal reinsurance program was due to expire.
The bill signed by the President virtually tracked a scaled-down version of TRIA extension passed by the Senate the week before Thanksgiving, backed by the White House. The House of Representatives passed a much more ambitious approach that would have expanded TRIA's coverage and established different "silos" of insurer retentions depending on the line of business, but that bill was virtually dismissed out of hand in limited negotiations between House and Senate leaders.
The legislation will extend TRIA until Dec. 31, 2007, while cutting the scope of its coverage.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
