A familiar tune was heard at yesterday’s hearing to discuss the Terrorism Risk Insurance Act (TRIA) when House Financial Services Chairman Jeb Hensarling (R-Tex.) said that he is skeptical of reauthorization.
This is the third time TRIA, which provides a federal backstop to help carriers provide coverage for unpredictable acts of terrorism and expires at the end of the year, has been up for reauthorization since it was enacted in November 2002. And, each of the first two times, members of Congress expressed uncertainty until the last minute.
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