Insurance news story develops from Sony’s “The Interview”

The Interview - Sony - Insurance News

The entertainment giant could find itself struggling to cover the cost of the massive losses from its film. Although large corporations like Sony need to purchase coverage in order to be able to protect themselves against a tremendous range of different types of risks, an insurance news story is one of the many developing issues resulting from the cancellation of the release of the film called “The Interview.” It has been reported that Sony stands to lose about $100 million as a result of the movie’s cancellation. Sony decided not…

Read More

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

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

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

Compromise on terrorism insurance in the US may be near

las vegas strip terrorism insurance

Federal negotiators may soon reach a fair compromise on the country’s federal insurance backstop Terrorism insurance in the United States may be in jeopardy. In 2002, the Terrorism Risk Insurance Act was passed, creating a federal backstop for insurance claims generated by acts of terrorism in the country. The legislation was meant to provide a transparent system, which allowed insured losses to be shared by both the public and private sectors. The federal backstop has been in contention for some time, as lawmakers have become unconvinced that it is still…

Read More

Insurance news from Congress shows repairs coming to capital rules

terrorism insurance news program law

There are a number of changes that are lined up to occur throughout this week to fix the current situation. Lawmakers from the U.S. Senate and House of Representatives are making insurance news as they prepare to tackle a law, this week, that will help to provide greater relief to large insurers against tight capital rules that had been designed with banks and other similar financial institutions in mind. This repair has been nicknamed the Collins Amendment to the reform law, 2010 Dodd-Frank Wall Street. This insurance news could mean…

Read More

Lawmakers may extend federal terrorism insurance initiative

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

Insurance industry campaigns to renew TRIA

terrorism insurance industry news 9/11 Memorial in 2004

Insurers are calling for the renewal of the Terrorism Risk Insurance Act The insurance industry has mobilized to support U.S. legislation that would renew the federal backstop for terrorism risk insurance. The endeavor has received the support of more than 400 trade groups that represent various types of businesses. The industry is urging federal lawmakers to approve a legislation that could have a major impact on terrorism insurance throughout the country. Insurers note that the terrorist attacks on 9/11 have fundamentally changed the way they manage risks within the U.S.…

Read More