Senate fails to pass Terrorism Risk Insurance Act

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The House voted to reauthorize the Terrorism Risk Insurance Act (TRIA) on Wednesday, sending the legislation to the Senate. The measure passed overwhelmingly by a vote of 416-5, with one lawmaker.

With the advent of 2015, the 114th Congress began its legislative session faced with an immense pressure from the real estate, construction and insurance industries to reauthorize the Terrorism Risk Insurance Act (TRIA).

and Senate. Consideration of TRIA reauthorization early next year may soften the potential impact that the expiration may have on the insurance and other relevant industries relying on TRIA. BEFORE ADJOURNING, US CONGRESS ADOPTS BUDGET WITH DODD-FRANK AMENDMENTS; FAILS TO PASS TERRORISM RISK INSURANCE LEGISLATION

The Terrorism Risk Insurance Act has been the subject of considerable debate with some advocates warning of dire consequences if Congress fails to act, such as the cancellation of the Super Bowl..

The amendment defeated 45-55 Wednesday was similar to the Affordable Care Act repeal that passed Congress in. it would upend the insurance market by encouraging healthy people to buy the cheaper.

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Congress Fails to Extend the Terrorism Risk Insurance Act The Terrorism Risk Insurance Act (TRIA) is set to expire after December 31, 2014. It is unclear how this will affect businesses at this point, but there is a potential for dire consequences.

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Terrorism Insurance Options: Standalone Coverage vs. TRIPRA October 1, 2013 The tragic events of September 11, 2001 impelled congress to pass the Terrorism Risk Insurance Act of 2002 (TRIA) and its subsequent renewals in 2005 and 2007 (TRIPRA).

Reauthorizing terrorism risk insurance is essential: failure to pass legislation that reauthorizes this critical program could have dire consequences The Senate is moving closer to a vote this week that would fund and reauthorize federal highway and transit programs into next year.

On a 93-4 vote, the U.S. Senate approved legislation that will reauthorize and extend the Terrorism Insurance Program established under the Terrorism Risk Insurance Act (TRIA) of 2002, which is set to expire at the end of 2014.

Congress Fails to Renew Terrorism Risk Insurance Act (TRIA) It is also possible that the Congress will act to renew the program when it reconvenes in January. However, business owners should all be aware of the possibility that they may receive a notice of cancellation of terrorism coverage from their insurance companies.