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Terrorism Risk Insurance Act (TRIA)
United States legislation passed in 2002. The Act ensures insurance companies have the financial means to provide coverage from the potential effects of a terrorist attack. They are required to make available insurance coverage against such terrorist incidents, and the Federal government reimburses the insurers for paid claims less the deductible and retention amounts. This legislation was modified and extended by the Terrorism Risk Insurance Extension Act (TRIEA) in 2005 making the expiry date in 2007. On December 26, 2007, the Act was again extended under the Terrorism Risk Insurance Program Reauthorization Act, which extends the Terrorism Risk Insurance Act through Dec. 31, 2014. Please see Terrorism Risk Insurance Act (TRIA).
Insurance Industry News from ProgramBusiness.com
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