Word that Sen. Roger Wicker, R-Miss., had introduced an amendment that would end the Terrorism Risk Insurance Act (TRIA) in 2013 sent the insurance industry scrambling to persuade Wicker to drop his plan.
Wicker had wanted to add the amendment to the legislation reauthorizing the National Flood Insurance Program. Currently, TRIA is scheduled to sunset in 2014 unless reauthorized by Congress.
In discussing the merits of his planned amendment, Wicker said, “Terrorism insurance is an important product for many across our country, but a private market may be better suited to insure against these risks rather than a government program.”
A letter written by the Real Estate Roundtable urged Wicker to withdraw the amendment, which the senator decided to do after asking Sen. Tim Johnson, D-S.D., if the two could discuss at a later date Wicker's TRIA concerns.
An industry lobbyist said the Wicker proposal is “a wake-up call for the industry to gear up quickly if we want this program to be continued past 2014.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.