X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

WASHINGTON, DC-In a letter to the leaders of the US House of Representatives and the US Senate, officials of the National Conference of State Legislatures implore members to pass an extension of the Terrorism Risk Insurance Act of 2002. TRIA has a Dec. 31 expiration date.

The short-term extension, NCSL says, will allow lawmakers to develop a long-term solution to address the issues for which TRIA was originally put in place. In response to the economic devastation caused by the September 11, 2001 terror attacks, lawmakers signed TRIA into law to provide a temporary federal reinsurance to cover insurance payouts for damaged properties in the event of other terror attacks.

“TRIA provides a temporary federal ‘backstop’ to ensure the widespread availability and affordability of terrorism insurance while preserving state insurance regulation and consumer protection,” NCSL members write in the letter. “The pending expiration of TRIA threatens a major drag on our economy in the new year. Many construction projects and economic enterprises are likely to slow or stall, especially in high risk areas, and the added uncertainty could further endanger production and drive up costs in already volatile energy markets.”

Additionally, NCSL called on Congress to sign off on an extension of TRIA as is and without the institution of hotly debated new terms. The group notes that such a move would allow for time to research and craft a more suitable, market-based replacement for TRIA.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.