Every day as I review the ISO circulars, I see more terrorism forms being filed due to the reenactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIA). TRIA is a federal law that was approved on Nov. 26, 2002. The act created a federal backstop for insurance claims related to acts of terrorism. It was intended as a temporary measure to allow time for the insurance industry to develop their own solutions and products to insure against acts of terrorism. The act, as reauthorized in 2007, will continue through Dec. 31, 2014.

TRIA put the U.S. government into the reinsurance business. The implementing procedures are based on best practices of commercial reinsurers, and much of the language is straight out of our familiar insurance policies.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 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.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.