Late last month, the U.S. House of Representatives approved a bill extending the Terrorism Risk Insurance Act, which was set to expire at the end of 2005. A separate bill had previously been approved by the Senate. Though a stripped-down version of what the House had intended, the bill passed unanimously and was forwarded to President Bush, who is expected to sign it.
The extension of TRIA is vital, according to the American Insurance Association. "This timely, decisive action taken by Congress should bring comfort to businesses all over the country that rely on insurance to protect them from the potential financial devastation that could result if they become victims of a terrorist attack," said AIA President Marc Racicot.
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