Tag: Terror insurance

Insurance industry wins a victory with the renewal of the Terrorism Risk Insurance Act

S.Vagus
Insurance industry news Lawsuit

House and Senate vote to renew the Terrorism Risk Insurance Act Both the U.S. House of Representatives and Senate have approved the renewal of the Terrorism Risk Insurance Act. The legislation’s renewal was a fast-tracked through the House, making its way to the Senate, where it received majority support. The legislation is now awaiting President Barack Obama’s signature, which is expected to be given within the coming days. The President’s signature will enact the legislation, reinstituting the federal backstop that the insurance industry has been relying on. Insurers will again…

Read More

Terrorism insurance in the United States may not be gone forever

Marc
terrorism insurance law

Terrorism insurance legislation may see new life, thanks to federal lawmakers At the end of 2014, the Terrorism Risk Insurance Act was allowed to expire. This meant that many insurance companies that offered coverage across numerous industries no longer had access to the financial aid offered by the federal government. This aid was meant provide a safety net for the insurance industry and its dealings with acts of terrorism. Because terrorist attacks can be quite costly, the insurance industry had warned that allowing the Terrorism Risk Insurance Act to expire…

Read More

Expiration of Terrorism Risk Insurance Act could bode ill for the insurance industry

S.Vagus
Terrorism Risk Insurance industry

Federal backstop will no longer be available for insurers and businesses The Terrorism Risk Insurance Act is set to expire at the end of the year following the blocking of a legislation that would have extended its lifetime. The U.S. Senate has failed to reach an agreement concerning the legislation, with lawmakers unable to reach a vote before the end of the Congressional legislative session. Because no solution was found for the issue, the federal backstop that the government had provided to the insurance industry will no longer be available…

Read More

US House votes to extend terrorism insurance law

S.Vagus
terrorism insurance law

Insurers may benefit from extension of terrorism insurance initiative The U.S. House of Representatives has voted to extend the Terrorism Risk Insurance Act by another six years. The law went into effect in 2002 and has established a federal backstop that provides financial assistance for insurers offering coverage against acts of terrorism. The law has played a major role in ensuring that various industrial and commercial projects have the coverage they need to take form. Over the past year, the law has been the subject of legislative debate, with some…

Read More

Lawmakers may extend federal terrorism insurance initiative

Marc
terrorism insurance law

U.S. lawmakers are expected to extend the Terrorism Risk Insurance Act Federal lawmakers in the U.S. claim that the country’s terrorism insurance backstop initiative will be renewed. The Terrorism Risk Insurance Act was enacted in 2002, created in the wake of the 9/11 attacks in the U.S. The initiative is meant to provide insurance companies with a financial backstop for claims that are related to acts of terrorism. The law was also meant to create a transparent system through which information concerning compensation for insured losses was shared with the…

Read More