Countdown to TRIA’s Renewal. We Hope
Alan Lyons was quoted in a Globe St. story on Congress' delay in renewing the Terrorism Risk Insurance Act (TRIA) and how the commercial insurance industry is responding to the uncertainty. TRIA, signed into law in 2002 and extended in 2005 and 2007, created a federal backstop for insurance claims related to acts of terrorism. Alan said, "As the December 31, 2014, expiration date looms closer without definitive action from Congress, a certain level of frustration is developing in the insurance industry due to the lack of certainty as to whether TRIA will be renewed and, if so, on what terms."