The Independent Insurance Agents & Brokers of America, one of the largest insurance associations in the country, is honing in on several legislative issues that could have implications for claim adjusters and departments throughout this year.
Most importantly, the group is continuing to support the renewal of the Terrorism Risk Insurance Extension Act (TRIEA), which was passed in Dec. 2005 as an extension of the original Terrorism Risk Insurance Act passed three years prior. TRIEA provides a federal backstop for catastrophic terrorist acts, allowing insurance companies to effectively limit the amount of losses they incur. While some view the program as a temporary solution, there is strong indication that the program will either be extended or become permanent sometime next month.
"We are very heartened with the recent comments by the new committee leadership in the House and the Senate who have indicated that this issue is a leading priority, and we will work closely with legislators, policyholders and companies to ensure that some form of a program remains in place after this year," said Charles E. Symington, Jr., senior vice president for government affairs and federal relations.
The association also plans to address flood insurance reform and natural disaster legislation.
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