WASHINGTON, D.C., December 18, 2007-The House of Representatives today passed H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA), legislation to extend the federal terrorism insurance backstop, which is set to expire at the end of this year. The bill, which was previously approved by the Senate, now moves to President Bush’s desk for his signature.
This legislation would extend the current federal terrorism insurance backstop for 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 on inclusion of coverage for group life and nuclear, biological, chemical and radiological (NBCR) events.
"We are enormously pleased that Congress has approved a new backstop that will help provide needed coverage for the business customers of independent agents and brokers and for our nation’s economic security," says Big "I" CEO Robert A. Rusbuldt. "This legislation is crucial to maintaining affordable and available terrorism coverage and brings certainty to policyholders, insurers, and the insurance market as a whole."
"This action comes at a critical time as the program is set to expire in a matter of days," says Charles E. Symington Jr., Big "I" senior vice president for government affairs and federal relations. "We thank the leadership of both the House and Senate for their support and recognition of the need to pass terrorism insurance legislation before the current program’s expiration. We are especially grateful for the hard work of Chairman Frank and Ranking Member Bachus in the House and Chairman Dodd and Ranking Member Shelby in the Senate."
Founded in 1896, IIABA (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