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What does the denial of a TRIA renewal mean to the workers compensation industry?

The Senate could have stayed in session and done the procedural work necessary to get past the hold Coburn placed on the TRIA renewal bill, but that would have taken several days.

The Senate could have stayed in session and done the procedural work necessary to get past the hold Coburn placed on the TRIA renewal bill, but that would have taken several days.

The U.S. Senate adjourned for the year on Dec. 15 without passing the Terrorism Risk Insurance Program Reauthorization Act.

A U.S. program that backstops insurance companies losses from acts of terrorism is set to end after the Senate failed to extend it.

What's at risk if Congress fails to extend government-backed terrorism risk insurance before adjourning this week? Just about everything.

What's at risk if Congress fails to extend government-backed terrorism risk insurance before adjourning this week? Just about everything.

Bi-partisan support extends Terrorism Risk Insurance Act by six years, and also includes agent licensing reform with the inclusion of a permanent National Association of Registered Agents and Brokers. UPDATE: House also passes the Insurance Capital Standards Clarification Act, which recognizes the difference between the banking and insurance markets.