Live Insurance News

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

January 12, 2015January 10, 2015 S.Vagus

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…

Terrorism insurance in the United States may not be gone forever

January 9, 2015January 8, 2015 Marc

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…

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

December 19, 2014December 18, 2014 S.Vagus

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…

Insurance news from Congress shows repairs coming to capital rules

December 8, 2014December 6, 2014 Julie Campbell

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…

Lawmakers may extend federal terrorism insurance initiative

September 23, 2014September 20, 2014 Marc

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…