The Property Casualty Insurers Association of America (PCI) again urged the long-term reauthorization of the Terrorism Risk Insurance Act (TRIA), stressing its importance to businesses and the economy, at the National Association of Insurance Commissioners’ (NAIC) Summer National Meeting.
Enacted in November 2002, TRIA established a risk-sharing structure that allows the federal government and the insurance industry to share losses in the event of a major terrorist attack. The current iteration of TRIA, the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), expires at the end of 2014.
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