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New TRIA bill would extend terrorism insurance backstop for 10 years

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New TRIA bill would extend terrorism insurance backstop for 10 years

A bill extending the federal government's terrorism insurance backstop through 2024 was introduced by Rep. Bennie G. Thompson, D-Miss., on Thursday.

The program, initially created by the Terrorism Risk Insurance Act of 2002, is slated to expire at the end of 2014. A bipartisan group of lawmakers introduced the TRIA Reauthorization Act of 2013 early this year that would extend the program through 2019, but Rep. Thompson's bill — the Fostering Resilience to Terrorism Act of 2013 — would extend it for 10 years. It would also make the Department of Homeland Security the lead agency to determine whether a covered act of terrorism had occurred.

“The Boston Marathon bombings last month serve as a stark reminder that terrorism and mass violence remain both a homeland security and economic threat,” said Rep. Thompson in a statement. “If TRIA is allowed to expire next year, there may be fewer insurers offering terrorism insurance and prices potentially could increase. By extending this program for 10 years, we will ensure much-needed stability and predictability for the business community.”

Leigh Ann Pusey, president and CEO of the Washington-based American Insurance Association, said in a statement that the insurer group “is pleased that Rep. Thompson, ranking member of the Committee on Homeland Security, recognizes the need for the program's reauthorization prior to its 2014 expiration. We look forward to working with members of Congress in the months ahead to achieve broad support for reauthorization of this vital program.”

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