RIMS Supports House Committee Version Of TRIA

The Risk and Insurance Management Society (RIMS) said today it strongly supports the revision of the Terrorism Risk Insurance Act, or TRIREA, H.R. 2761, as passed by the House Financial Services Committee late Wednesday afternoon.

RIMS said it commends the members of the full committee, as well as the members of the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee, for their commitment in working toward passage of this important legislation.

“RIMS has been a strong supporter of the Terrorism Risk Insurance Act (TRIA) program from its inception,” said Terry Fleming, member of RIMS board of directors and director of risk management for Montgomery County, Md. “We are pleased that the bill, as passed by the House Financial Services Committee, makes some significant improvements to the program. We are also encouraged to see that the committee was able to work together–on both sides of the aisle–to tackle the difficult issues involved.”

He added, “We look forward to and urge the passage of this bill when it comes before the full U.S. House of Representatives.”

Some key provisions of the bill include extending the duration of the program to 15 years; structuring make-available nuclear, biological, chemical and radiation (NBCR) coverage in a way that offers support and flexibility for smaller insurers; eliminating the distinction between foreign and domestic terrorism; and the lowering of the program's trigger level.

“The extension of the TRIA program is essential for the economic well-being of our nation, and changes such as those incorporated in H.R. 2761 go a long way in making a good program even better,” Mr. Fleming said.

For more information on RIMS legislative activities, visit www.RIMS.org/LegislativeAction.