The Terrorism Risk Insurance Act (TRIA) is back in business. President Barack Obama signed into law H.R. 26 on Jan. 12, following its passage this week by the U.S. Senate and last week, by the U.S. House of Representatives. The law extends TRIA for six years, after it had expired Dec. 31, 2014, when U.S. senators failed to act before adjourning for the year. The law also establishes the National Association of Registered Agents and Brokers (NARAB II) to streamline agent licensing.
First signed into law by President George W. Bush in 2002, TRIA creates a federal program for insurance claims related to acts of terrorism, and provides a “transparent system of shared public and private compensation for insured losses resulting from acts of terrorism,” according to the U.S. Department of Treasury.
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