Download or read book Examining a Legislative Solution to Extend and Revise the Terrorism Risk Insurance ACT Tria written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-25 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining a legislative solution to extend and revise the Terrorism Risk Insurance Act (TRIA) : hearing before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Tenth Congress, first session, June 21, 2007.
Download or read book Examining a legislative solution to extend and revise the Terrorism Risk Insurance Act TRIA written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2007 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Examining a Legislative Solution to Extend and Revise The Terrorism Risk Insurance Act TRIA Serial No 110 43 June 21 2007 110 1 Hearing written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2008* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Policy Options for Extending the Terrorism Risk Insurance Act TRIA written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2007 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Examining the Terrorism Risk Insurance Program written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Security Perspectives on Terrorism Risk Insurance in the United States written by Henry H. Willis and published by . This book was released on 2014 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress enacted the Terrorism Risk Insurance Act (TRIA) in 2002, in response to terrorism insurance becoming unavailable or, when offered, extremely costly in the wake of the 9/11 attacks. The law provides a government reinsurance backstop in the case of a terrorist attack by providing mechanisms for avoiding an immediate drawdown of capital for insured losses or possibly covering the most extreme losses. Extended first in 2005 and again in 2007, TRIA is set to expire at the end of 2014, and Congress is again reconsidering the appropriate government role in terrorism insurance markets. This policy brief examines the potential national security implications of allowing TRIA to expire. Examining the history of terrorism in the United States since the passage of TRIA and reviewing counterterrorism studies, the authors find that terrorism remains a real national security threat, but one that is very difficult for insurers to model the risk of. They also find that terrorism risk insurance can contribute to making communities more resilient to terrorism events, so, to the extent that terrorism insurance is more available with TRIA than without it, renewing the legislation would contribute to improved national security.
Download or read book Treasury s Report to Congress on the Terrorism Risk Insurance Act TRIA written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2006 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Policy Options for Extending the Terrorism Risk Insurance ACT Tria written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-25 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policy options for extending the Terrorism Risk Insurance Act (TRIA) : hearing before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Tenth Congress, first session, April 24, 2007.
Download or read book The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire written by Tom LaTourrette and published by . This book was released on 2014 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress enacted the Terrorism Risk Insurance Act (TRIA) in 2002, in response to terrorism insurance becoming unavailable or, when offered, extremely costly in the wake of the 9/11 attacks. The law creates an incentive for a functioning private terrorism insurance market by providing a government reinsurance backstop for catastrophic terrorist attack losses. Extended first in 2005 and again in 2007, TRIA is set to expire at the end of 2014, and Congress is again considering the appropriate government role in terrorism insurance markets. This policy brief examines the potential federal spending implications of allowing TRIA to expire. Combining information on federal spending through TRIA, the influence of TRIA on the availability of terrorism insurance coverage, and the relationship between uninsured losses and federal disaster assistance spending, the authors find that, in the absence of a terrorist attack, TRIA costs taxpayers relatively little, and in the event of a terrorist attack comparable to any experienced before, it is expected to save taxpayers money.
Download or read book Policy Watch written by Howard Kunreuther and published by . This book was released on 2012 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance Act of 2002 (TRIA) was passed by the U.S. Congress in November 2002, establishing a national terrorism insurance program that provides up to $100 billion commercial coverage with a specific but temporary risk-sharing arrangement between the federal government and insurers. TRIA's three-year term ends December 31, 2005, so Congress soon has to determine whether it should be renewed, whether an alternative terrorism insurance program should be substituted for it, or whether insurance coverage is left solely in the hands of the private sector. As input into this process, the paper examines several alternatives and scenarios, and discusses their potential to create a sustainable terrorism insurance program in the Unites States.
Download or read book Terrorism Risk Insurance An Overview written by and published by . This book was released on 2005 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: After September 11, 2001, many businesses were no longer able to purchase insurance protecting against property losses that might occur in future terrorist attacks. Addressing this problem, Congress enacted the Terrorism Risk Insurance Act of 2002 (TRIA) to create a temporary program to share future insured terrorism losses with the property-casualty insurance industry and policyholders. The act requires insurers to offer terrorism insurance to their commercial policyholders, preserves state regulation of this type of insurance, and directs the Secretary of the Treasury to administer a program for sharing terrorism losses. The 3-year program that TRIA created backs up commercial property and casualty insurance, covering up to $100 billion each year after set insurer deductibles. The government pays 90% of insured losses over the deductible, with the insurer paying 10%. Concern was expressed even before the enactment of TRIA that a 3-year program would be too limited to allow the private sector to develop the capacity to insure terrorism risk. Three pieces of legislation were introduced in the 108th Congress to extend the program. One bill, H.R. 4634, was reported favorably from the House Financial Services Committee, but no floor action occurred. In the 109th, two bills have been introduced, S. 467 by Senator Christopher Dodd and H.R. 1153 by Representative Michael Capuano. In addition, a Senate hearing on TRIA is scheduled for April 14, 2005. This report provides an overview of the issues, including a summary of TRIA and the TRIA extension legislation. It will be updated as significant events occur.
Download or read book Terrorism Risk Insurance Legislation written by Baird Webel and published by . This book was released on 2014 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Prior to the September 11, 2001, terrorist attacks, insurance covering terrorism losses was normally included in general insurance policies without additional cost to the policyholders. Following the attacks, this ceased to be the case as insurers and reinsurers pulled back from offering terrorism coverage. It was feared that a lack of insurance against terrorism loss would have a wider economic impact, particularly because insurance coverage can be a significant factor in lending decisions. Congress responded to the disruption in the insurance market by passing the Terrorism Risk Insurance Act of 2002 (TRIA; P.L. 107-297). TRIA created a temporary program, expiring at the end of 2005, to calm the insurance markets through a government backstop sharing in terrorism losses with the intent that this would give the industry time to gather the data and create the structures and capacity necessary for private insurance to cover terrorism risk. TRIA did not require premiums to be paid for the government coverage. Instead, TRIA required private insurers to offer coverage for terrorism risk and would recoup some or all federal payments under the act in the years following government coverage of insurer losses. The current TRIA program expires at the end of 2014. Although insurance industry capacity has increased since 2002, terrorism is still seen by many as essentially uninsurable. Without TRIA, the insurance industry has indicated that terrorism insurance will again become unavailable or unaffordable and fears are again being expressed that lack of terrorism insurance may slow down other sectors of the economy. Several bills (H.R. 508, H.R. 1945, H.R. 2146, S. 2244, and H.R. 4871) have been introduced to extend TRIA and change different aspects of the program. This reports briefly outlines the issues involved with terrorism insurance, summarizes the extension legislation, and includes a side-by-side of the current TRIA law and the bills that have been passed by the Senate (S. 2244) and reported by the House Committee on Financial Services (H.R. 4871)"--Preliminary page.
Download or read book Terrorism Risk Insurance Legislation written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the September 11, 2001 terrorist attacks, insurance covering terrorism losses was normally included in general insurance policies without cost to policyholders. Following the attacks, both primary insurers and reinsurers pulled back from offering terrorism coverage, citing particularly an inability to calculate the probability and loss data critical for insurance pricing. Some argued that terrorism risk would never be insurable by the private market due to the uncertainty and potentially massive losses involved. Because insurance is required for a variety of economic transactions, it was feared that a lack of insurance against terrorism loss would have wider economic impact, particularly on large-scale developments in urban areas that would be tempting targets for terrorism. Congress responded to the disruption in the insurance market by passing the Terrorism Risk Insurance Act of 2002 (TRIA). TRIA created a temporary program, expiring at the end of 2005, to calm the insurance markets through a government backstop for terrorism losses and give the private industry time to gather the data and create the structures and capacity necessary for private insurance to cover terrorism risk. In the past three years, terrorism insurance has become widely available and largely affordable, and the insurance industry has greatly expanded its financial capacity. There has been, however, little apparent success on a longer term private solution and fears persist about wider economic consequences if insurance is not available. To a large degree, the same concerns and arguments that accompanied the initial passage of TRIA are still before Congress today. Congress has responded to the impending expiration of TRIA with two bills that have been passed by the respective chambers. The Senate bill, Senator Christopher Dodd's S. 467, was approved by the Senate on November, 18, 2005. The large majority of the language from the House bill, Representative Richard Baker's H.R. 4314, was inserted into S. 467 and passed by the House on December 7, 2005. S. 467 is entitled the Terrorism Risk Insurance Extension Act whereas H.R. 4314 is entitled the Terrorism Risk Insurance Revision Act. The titles do reflect essential differences between the two bills. S. 467 extends the current program two years and further increases the private sector's exposure to terrorism risk, as did the original act. (During the three years covered by the initial act, insurance industry deductibles and aggregate retention rose each year.) S. 467 continues to increase these and also reduces the types of insurance covered by the program and increases the size of terrorist event necessary to trigger the program. H.R. 4314 extends the program for two or possibly three years, and also substantially revises many aspects of it. Among the notable changes, it excludes some lines of coverage and includes others that were not covered before. It segments lines of insurance, introducing different deductibles for different lines. It includes the concept of resetting the deductibles and the trigger amount to lower amounts if a terrorist attack occurs in the future. This report briefly outlines the issues involved with terrorism insurance and includes a side-by-side of the current TRIA and the legislation that is being considered to revise and extend it. It will be updated if this legislation advances.
Download or read book Terrorism risk insurance legislation in the 114th Congress written by Baird Webel and published by . This book was released on 2018* with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report briefly outlines the issues involved with terrorism insurance, summarizes extension legislation, and includes a side-by-side comparison of Terrorism Risk Insurance Act of 2002 (TRIA; P.L. 107-297) law and the bills introduced in the 114th and 113th Congresses.
Download or read book Terrorism Risk Insurance Legislation written by Baird Webel and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Prior to the September 11, 2001, terrorist attacks, insurance covering terrorism losses was normally included in general insurance policies without cost to policyholders. Following the attacks, both primary insurers and reinsurers pulled back from offering terrorism coverage, citing particularly an inability to calculate the probability and loss data critical for insurance pricing. Some argued that terrorism risk would never be insurable by the private market due to the uncertainty and potentially massive losses involved. Because insurance is required for a variety of economic transactions, it was feared that a lack of insurance against terrorism loss would have wider economic impact ... This report briefly outlines the issues involved with terrorism insurance and includes a side-by-side of the current TRIA and the legislation that is being considered to revise and extend it."--Page [i].
Download or read book Trends in Terrorism Threats to the United States and the Future of the Terrorism Risk Insurance Act written by and published by . This book was released on 2005 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Terrorism Risk Insurance Act of 2002 (TRIA) was crafted in the aftermath of the 9/11 attacks after the insurance industry, stung by $32 billion in damage claims (by current estimates) and fearing another attack of equal magnitude, began to exclude terrorism coverage from policies. The legislation requires insurance companies to make terrorism insurance available to customers and, in return, provides federal reinsurance (a "backstop") for losses from terrorist attacks. It is intended to give insurers time to assess their exposure to terrorism risk and to consider how to price and underwrite the risk. TRIA is set to expire at the end of December 2005. TRIA embodies federal policy that a private insurance market will provide the foundation of the financial recovery from future terrorist attacks. It also recognizes that since the risk is unfamiliar to the industry, federal government assistance should, at least in the short run, be made available to support this market. In this book, we examine whether this policy and, in particular, the architecture of TRIA provide robust protection against the threat of losses from future attacks. By robust, we ask specifically whether the structure of TRIA is in line with the fundamental qualities of the risk of terrorism and with likely evolving trends in this threat. The focus of the analysis is on developments that have relevance for terrorist attacks taking place within the borders of the continental United States and the extent to which they are addressed (or not) by the TRIA framework.
Download or read book Report on the Activity of the Committee on Financial Services for the One Hundred Tenth Congress written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2009 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
