WASHINGTON, D.C., Dec. 12, 2007—The House of Representatives today passed H.R. 4299, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), which tracks the TRIA extension legislation recently passed by the Senate and adds a number of provisions from the previously-passed House bill. The amended legislation would maintain the Senate’s seven year extension but includes a reset for large terrorist events, a $50 million trigger, travel underwriting restrictions and coverage for group life insurance.
“With the program set to expire in a matter of days, time is of the essence. We encourage both chambers to continue working toward a bill that can be signed into law as soon as possible,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations.
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.