Every day as I review the ISO circulars, I see more terrorism forms being filed due to the reenactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIA). TRIA is a federal law that was approved on Nov. 26, 2002. The act created a federal backstop for insurance claims related to acts of terrorism. It was intended as a temporary measure to allow time for the insurance industry to develop their own solutions and products to insure against acts of terrorism. The act, as reauthorized in 2007, will continue through Dec. 31, 2014.

TRIA put the U.S. government into the reinsurance business. The implementing procedures are based on best practices of commercial reinsurers, and much of the language is straight out of our familiar insurance policies.

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