Rep. Mike Capuano and Barney Frank, chairman of the HouseFinancial Services Committee, introduced H.R. 2761 in June. Thebill extends the Terrorism Risk Insurance Act (TRIA) for 10 years,makes insurance against weapons of mass destruction risks availableunder same terms and conditions as conventional risks, changesTRIA's definition of terrorism to include acts of domesticterrorism, and sets the program trigger at $50 million, among otheractions.
The insurance industry in particular lobbied for the latter asthe original trigger for federal involvement was $100 million. "Wehope the full House Financial Services Committee will follow suitwhen it considers the legislation next week, as this deep reductionwill enable more small- and medium-sized insurance companies toparticipate in the program and increase the availability ofterrorism insurance throughout the nation," says Carl Parks, seniorvice president for government affairs at the National Associationof Mutual Insurance Cos.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
