Despite strong encouragement from the insurance industry and business groups around the country, the U.S. Senate has adjourned for the year without passing the Terrorism Risk Insurance Program Reauthorization Act of 2014 (TRIPRA).
The Senate's action came despite strong bipartisan support, and after the U.S. House of Representatives had passed the legislation by a vote of 417–7. The bill will now have to be reintroduced into both houses of Congress in January as entirely new legislation.
TRIPRA, a successor to the Terrorism Risk Insurance Act (TRIA), is seen as vitally important in providing coverage for damage and destruction as a result of terrorist incidents like the 9/11 attacks on the World Trade Center. TRIA was passed in 2002 as a response to those attacks, making the federal government the insurer of last resort for large public venues, like airports and sports stadiums, or major infrastructure, like the Hoover Dam or New York City's subway system.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
