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.
They're only going to be starting with the TRIEA
Marc Racicot, president of the American Insurance Association, responded to the release of the study by reinforcing his association's support of TRIEA
Under the terms of TRIEA
, the group must submit a report on the long-term availability and affordability of terrorism insurance to Congress by Sept.
Kim Prather, underwriting risk leader for commercial insurance at GE Insurance Solutions, agreed with Davis, saying that TRIEA
leaves the industry exposed to "smaller" terrorism events.
approached its sunset, and legislators began to field proposals for another extension, the administration was ready to signal its position: the government program should be phased out, the private market for terrorism insurance should take over entirely, and the government's role should under no circumstances be expanded.
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.
to one of those shredders in the Washington, D.
The process will begin all over again next year as the TRIEA
comes up for renewal and BOMA/NY has pledged to put "the full weight of our membership behind its renewal.
called for the President's Working Group on Financial Markets (PWG) to study the long-term availability and affordability of terrorism risk insurance.
That brings us to my point: why the TRIA extension, or TRIEA
, was needed, and will be needed for far longer than its two-year limit.