Compromise on terrorism insurance in the US may be near

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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…

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Insurance news from Congress shows repairs coming to capital rules

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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…

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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…

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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.…

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Terrorism insurance is running out on the Las Vegas Strip

las vegas strip terrorism insurance

The federal funds that were helping to insure the area against an attack could soon dry up. Time is starting to run out on the federal dollars that are currently playing a vital role in the terrorism insurance that is helping to cover the Las Vegas strip in the event that an attack should ever occur. Federal and Nevada senators have said that they are now working to renew the federal program. The Terrorism Risk Insurance Program Reauthorization Act gives the American government the ability to help to pay for…

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