The London bombings may have provided a wake-up call, but insurers could also be experiencing restless nights fretting over the fate of the Terrorism Risk Insurance Act (TRIA) of 1992.The future of TRIA, a safety net that has provided some protection against the financial fallout from a terrorist event, is uncertain. The law, which was enacted in November of 2002 and is in effect until December 31, 2005, provides a federal financial backstop for the insurance industry for claims from certain terrorist attacks.
A recent Treasury Department report recommends that the current program not be extended and that the federal government should assume a lesser role in insuring terrorism risks.
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