In what has become a similar pattern for the legislation, the Terrorist Risk Insurance Act (TRIA) was extended for a second time while facing a New Year’s Eve deadline for authorization. The program essentially limits the amount of losses insurers would be responsible for in the event of a terrorist attack against the U.S.

Now referred to as the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), the federally backed program modifies previous legislation in several ways. While domestic terrorism acts were excluded from coverage in the past, U.S.-born attacks are now included in the criteria for determining an act of terrorism. The bill also keeps the insured-loss cap at $100 billion, and raises the program trigger to $100 million. Lastly, and perhaps most significantly, the legislation was extended for seven years, which is a departure from previous re-ups found in past extensions of 2003 and 2005, which were three years and two years, respectively.

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