Six-Year TRIA Extension Poised to
Stabilize Global Insurance Market
(NEW YORK) January 13, 2015 – RIMS, the risk management society™, commends Congress and President Barack Obama for their immediate action in early 2015 to authorize a six-year extension of the Terrorism Risk Insurance Act (TRIA).
RIMS' leadership offered the following comments in reaction to TRIA’s reauthorization:
RIMS 2015 President Rick Roberts:
“After several years of delivering testimony, lobbying and developing initiatives that allow RIMS members to voice their concerns regarding TRIA’s expiration, our hard work was finally rewarded. We are thrilled that Congress and President Barack Obama finally realized that this Federal backstop is more than just an insurance issue. TRIA offers all organizations that do business in the U.S. financial protections to cope with the very real and unsettling devastation caused by terrorism, as well as the confidence to remain focused on their objectives.”
RIMS Immediate Past President Carolyn Snow:
“For about three weeks following the program’s expiration, brokers, underwriters and commercial insurance consumers were faced with the stark reality of the challenge to protect their businesses and clients from potentially catastrophic and unpredictable losses incurred by an act of terror. RIMS commends our leaders in Washington, D.C. for addressing this uncertainty immediately upon their 2015 return and authorizing a fair extension.”
The Chair of RIMS External Affairs Committee Janice Ochenkowski:
“While there are changes that differed from RIMS’ goals for TRIA, the Society believes that this new version adequately addresses many of the principles we have supported throughout the reauthorization process. RIMS External Affairs Committee looks forward to participating in the implementation of TRIA and subsequent discussions about terrorism insurance.”