RIMS strongly supports TRIREA

The Terrorism Risk Insurance Revision and Extension Act (TRIREA) H.R. 2761 was passed on Wednesday afternoon by the U.S. House of Representatives with a vote of 312 to 110 and is strongly supported by the Risk and Insurance Management Society (RIMS), according to a release. RIMS is pleased that the bill, as passed by the U.S. House of Representatives, makes significant improvements to the current TRIA program, particularly the 15 year extension, which will encourage continued economic development by providing stability to the terrorism insurance issue for years to come. We are encouraged to see that 88 Republicans voted for the bill, showing that the House was able to achieve bipartisan support for the difficult issues involved, Janice Ochenkowski, RIMS president and managing director of Jones Lang LaSalle Incorporated, said in a release. We urge the passage of this bill when it comes before the full U.S. Senate, and look forward to working with the Senators and their staff throughout the legislative process.The Act was introduced to the House on June 18 and includes: extending the duration of the program to 15 years; structuring make-available NBCR coverage in a way that offers support and flexibility for smaller insurers; eliminating the distinction between foreign and domestic terrorism; and lowering the programs trigger level to $50 million, according to the release.