PCIAA Issues Alert in Support of TRIA Passage (S. 2285)

The Property Casualty Insurers Association of America (“PCIAA”) has issued an “Insurers for Action” alert regarding U.S. Senate Bill 2285–also known as the Terrorism Risk Insurance Extension Act (“TRIA”)–which is expected to be taken up, possibly as early as tomorrow. 

PCIAA is urging support for passage of S. 2285. 

Should you have any questions or comments, please do not hesitate to contact this office.

 

PCIAA Insurers for Action ALERT

The U.S. Senate may take up S. 2285, the Terrorism Risk Insurance Extension Act (“TRIA”) this week, possibly as early as tomorrow. In spite of the obvious necessity of TRIA, passage of legislation to extend the program before it expires on Dec. 31, 2007, is in jeopardy.

Please contact your U.S. Senators TODAY and urge them to PASS S. 2285.

TRIA has played a key role in triggering the economic recovery in the wake of the 9/11 attacks. By creating a viable market for an otherwise uninsurable risk, TRIA has provided businesses of all sizes in all parts of the country a vehicle to protect themselves from the financial devastation of a terrorist attack. It has also allowed insurers of all types and sizes the opportunity to provide this important coverage to commercial clients.

Terrorist attacks are still a threat to individual businesses and the U.S. economy, which makes enactment of a long-term extension of TRIA a priority for the nation’s economic health.

Largely thanks to the leadership of Chairman Barney Frank of the House Financial Services Committee, the House has already taken action. The House version would extend TRIA for 15 years. It also reduces the cost threshold that would trigger coverage from $100 million to $50 million. PCI supports both of these provisions.

Now, it is the Senate’s turn to act. The Senate bill, which passed out of committee but still awaits a floor vote, would extend the program for seven years. PCI thinks the Senate has wisely chosen not to include a mandate to require coverage for attacks involving weapons of mass destruction (nuclear, biological, chemical, and radiological). The Senate recognized that handling a WMD attack is the role of government, not private insurers. We believe careful study is needed before deciding the best way to handle this important matter.
Please e-mail or call your U.S. Senators today and urge them to pass S. 2285.

Click here to e-mail your U.S. Senators on this issue or go to:
http://capwiz.com/pci/issues/alert/?alertid=10317551

Click here to call your U.S. Senators or go to:
http://capwiz.com/pci/callalert/index.tt?alertid=10544606

If you monitor federal or state legislation for your company, please consider activating your organization’s grassroots network on this issue.

Thank you in advance for your participation in this important effort!

Sincerely,
Michael Gilhooly
Director of State Political Affairs
Property Casualty Insurers Association of America

PCIAA activist links are below: