WASHINGTON, D.C., Nov. 16, 2007—The Senate today passed the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2007, legislation to extend the federal terrorism insurance backstop, which is set to expire at the end of this year.
The TRIPRA bill would extend the current federal terrorism insurance backstop an additional seven years. In addition, it would modify the definition of terrorism to include domestic acts of terror, and would require ongoing reports to Congress from the President's Working Group on inclusion of coverage for group life and nuclear, biological, chemical and radiological (NBCR) events.
“The Senate’s action comes at a critical time with just over a month until the terrorism backstop expires,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations. “We thank Chairman Dodd, Ranking Member Shelby, and Senate leadership for moving a long term extension through the Senate. We encourage both the House and Senate to reconcile their bills and send this crucial legislation to the President as soon as possible.”
“Getting this legislation passed before the end of the year has been a priority for our members and we appreciate the Senate’s hard work to advance it a step closer,” says Jason Spence, Big “I” assistant vice president for federal government affairs.
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 all lines of insurance—property, casualty, life, and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.