WASHINGTON—Legislation to extend the Terrorism Risk Insurance Act for a decade has been introduced in the House.
Sponsored by Rep. Bennie Thompson (pictured at left), D-Miss, the ranking minority member of the House Homeland Security Committee, the “Fostering Resilience to Terrorism Act of 2013” would also designate the U.S. Department of Homeland Security as the lead agency in the certification process, switching control from the Treasury Department, and adding a provision on information sharing for insureds.
“The Boston Marathon bombings last month serve as a stark reminder that terrorism and mass violence remain both a homeland security and economic threat,” Thompson said in a statement. ”If TRIA is allowed to expire next year, there may be fewer insurers offering terrorism insurance and prices potentially could increase. By extending this program for 10 years, we will ensure much-needed stability and predictability for the business community.”
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