29 August 2013News

NAIC supports TRIA renewal

The National Association of Insurance Commissioners (NAIC) passed a resolution supporting the reauthorization of the Terrrorism Risk Insurance Act (TRIA), established to make terrorism coverage available to businesses. The resolution was passed during a meeting of the Government Relations Leadership Council during the Summer National Meeting in Indianapolis.

Passed post-9/11, TRIA is set to expire in December 2014. Fitch Ratings told Bermuda:Re in May that the failure to renew would result in terrorism premium hikes by “inducing commercial insurers to retreat from larger metropolitan areas, reducing the availability of coverage.”

President-elect of the NAIC and North Dakota insurance commissioner Adam Hamm commented: “we strongly urge members of congress to reauthorise this critical piece of legislation. In addition to providing essential coverage for commercial policyholders, this federal backstop remains an invaluable part of the industry’s ability to preserve its financial and maintain risk management.”




More on this story

News
30 November 2021   London and Bermuda businesses are the first re/insurers to gain the rights.
News
4 October 2021   NAIC heads will meet island reinsurance leaders and present to the Abir board.
News
11 December 2019   The National Association of Insurance Commissioners (NAIC) has granted Bermuda reciprocal jurisdiction status, effective January 1, 2020.

More on this story

News
30 November 2021   London and Bermuda businesses are the first re/insurers to gain the rights.
News
4 October 2021   NAIC heads will meet island reinsurance leaders and present to the Abir board.
News
11 December 2019   The National Association of Insurance Commissioners (NAIC) has granted Bermuda reciprocal jurisdiction status, effective January 1, 2020.