INTRODUCTION OF HOUSE BILL SHOWS MOMENTUM FOR TRIA
Big “I” sees bill as positive sign for renewal of federal backstop
WASHINGTON, D.C., March 9—The Independent Insurance Agents & Brokers of America (the Big “I”), the nation’s largest agents and brokers group, is pleased to see the introduction of new legislation in the House of Representatives to extend the Terrorism Risk Insurance Act (TRIA).
“The introduction of this legislation, H.R. 1153, late yesterday in the House is a positive sign of continued support in Congress for a terrorism insurance backstop, and we will continue to advocate for an appropriate terrorism program to ensure availability of insurance coverage for consumers,” says Charles E. Symington, Jr., Big “I” senior vice president of federal government affairs.
The Big “I” has been joined by many of its industry partners in strongly supporting the extension of terrorism insurance legislation for two years through the end of 2007, and requiring terrorism insurance coverage to be made available. The existing TRIA legislation expires Dec. 31, 2005, but action is needed as soon as possible to avoid coverage gaps in policies extending into 2006.
“Catastrophic losses related to terrorist attacks continue to appear uninsurable, and we do not believe a federal terrorism backstop should be allowed to lapse,” Symington says. “Should the program lapse, it could be difficult, if not impossible, for businesses to obtain insurance against losses related to terrorist acts, and that could have serious economic consequences in the event of another terrorist attack on American soil.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer property and casualty insurance, employee benefit plans and retirement products. Web address: www.independentagent.com.
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