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RIMS to Congress: 10 more years, 10 more years

The Risk and Insurance Management Society Inc. (RIMS) will be descending on Capitol Hill on June 12 and 13 to push for an extension of ...

By Staff Writer | Updated on June 05, 2007

The Risk and Insurance Management Society Inc. (RIMS) will be descending on Capitol Hill on June 12 and 13 to push for an extension of the Terrorist Risk Insurance Act (TRIA). Passed originally in 2002 in the wake of the 9/11 attacks on the World Trade Center and Pentagon, the TRIA legislation was designed to provide a federal government backstop to the insurance industry to cover catastrophic losses from terrorist attacks. Essentially, the backstop guarantee has allowed the industry to offer affordable terrorism coverage to U.S. companies. Initially conceived as a three-year program with the idea that private industry would eventually shoulder the burden, TRIA was extended for another two years at the end of 2005, although the government raised the trigger, to $50 million in losses in 2006 and $100 million in 2007, from $5 million, at which point it would begin to share in the cost. Now, RIMS will be pushing for at least a 10-year extension of the program, scheduled to sunset Dec. 31, 2007, and the inclusion of nuclear, biological, chemical and radiological (NBCR) exposures. “We think TRIA is a matter that is essential to the national economy, not a bailout for the insurance companies,” says Terry Fleming, a RIMS board member and its director of external affairs.

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