NAIC Supports Long-Term TRIA Renewal
Insurance groups told regulators at the National Association of Insurance Commissioners’ (NAIC) Spring meeting that the federal government-private industry partnership behind the terrorism insurance coverage backstop is working well and needs a healthy extension.
The Terrorism Risk Insurance Act (TRIA) is scheduled to expire on Dec. 31, 2020, and the NAIC supports a long-term extension of seven to 10 years, says Brooke Stringer, NAIC senior financial policy and legislative adviser. She adds that insurance regulators continue to see no evidence that has changed after three reauthorizations of the law.
PIA National led the initial successful effort to enact TRIA in 2002 and supports a long-term extension.