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TRIA Debate to Begin Anew

Claims News Service, Apr. 19, 9:59 a.m. EDT -- Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored

By Eric Gilkey | Updated on April 19, 2007

Claims News Service, Apr. 19, 9:59 a.m. EDT — Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, has announced that his Subcommittee will hold a hearing on April 24, 2007, to discuss extending the Terrorism Risk Insurance Act, which is currently scheduled to expire at the end of 2007.

The Terrorism Risk Insurance Act was first signed into law in Nov. 2002, and was extended for two more years in Dec. 2005. The act provides a governmental backstop for insurance companies in the event of a catastrophe involving nuclear, biological, terrorist, or radioactive attacks by limiting the amount of losses insurance companies would have to absorb. Without the act, commercial terrorism insurance likely would not exist because of the unquantifiable, unpredictable risks inherent in terrorist attacks.

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