TRIEATerrorism Risk Insurance Extension Act of 2005
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However, the current TRIEA law will expire at the end of 2007.
It also concluded that TRIEA had negatively impacted the development of private sector insurance capacity.
Just as with the original Terrorism Risk Insurance Act, which passed in 2002 and expired at the end of 2005, TRIEA is designed to keep a temporary federal terrorism-insurance mechanism in place through the end of 2007 until a permanent solution is crafted (see Mortgage Banking, November 2007, p.
"They're only going to be starting with the TRIEA coverage."
Marc Racicot, president of the American Insurance Association, responded to the release of the study by reinforcing his association's support of TRIEA. "Unfortunately, the terribly unique, core characteristics of the risk that make terrorism uninsurable remain unchanged since [the Terrorism Risk Insurance Act] was originally enacted," he said.
"TRIEA as it exists will not be reinstated short of another event occurring, or short of some traumatic changes in Congress," he said.
The Terrorism Risk Insurance Extension Act (TRIEA) of 2005 (PL 109-144), enacted in December, requires the Working Group to develop recommendations for a long-term solution to this issue and report its findings to Congress by Sept.
TRIEA bumps up the occurrence event trigger (to $50 million in April 2006, $100 million in 2007); individual carrier deductibles (to 17.5 percent in 2006, 20 percent in 2007); and industry retention (to $25 billion in 2006, $27.5 billion in 2007).
In passing the Terrorism Risk Insurance Extension Act, TRIEA, in December 2005, with a sunsetting date of December 31, 2007, Congress bowed to the inevitable, with provisions designed to satisfy the administration's caveats.
Commercial real estate practitioners support extending the Terrorism Risk Insurance Extension Act (TRIEA), set to expire at the end of 2007.
TRIA and TRIEA were designed as short-term solutions to provide coverage while the insurance and reinsurance industry worked on putting long-term solutions into place.
Send TRIEA to one of those shredders in the Washington, D.C., paper mill.