WASHINGTON, DC-The House Financial Services’ Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises has sent an amended version of H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007, to the full Financial Services Committee. Changes were made to the bill after mark up hearings last month, satisfying most of the concerns over the bill expressed by the real estate and insurance industries. The “action in the House Financial Services subcommittee is a concrete and welcome step toward enactment of a long-term framework for protecting the US economy against catastrophic terrorist risk,” says Real Estate Roundtable president and CEO Jeffrey D. DeBoer.

Rep. Mike Capuano and Barney Frank, chairman of the House Financial Services Committee, introduced H.R. 2761 in June. The bill extends the Terrorism Risk Insurance Act (TRIA) for 10 years, makes insurance against weapons of mass destruction risks available under same terms and conditions as conventional risks, changes TRIA’s definition of terrorism to include acts of domestic terrorism, and sets the program trigger at $50 million, among other actions.

The insurance industry in particular lobbied for the latter as the original trigger for federal involvement was $100 million. “We hope the full House Financial Services Committee will follow suit when it considers the legislation next week, as this deep reduction will enable more small- and medium-sized insurance companies to participate in the program and increase the availability of terrorism insurance throughout the nation,” says Carl Parks, senior vice president for government affairs at the National Association of Mutual Insurance Cos.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


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 © 2024 ALM Global, LLC. All Rights Reserved.