04.27.08
Terrorism Risk Insurance (TRIA) Changes
In November 2002, the President signed the Terrorism Risk Insurance Act (“TRIA”) of 2002. It established a temporary insurance program to cover catastrophic losses resulting from an act of terrorism. TRIA was expanded in 2005 to extend through 2007.
In December, President Bush signed the Terrorism Risk Insurance Program Reauthorization Act (“THIPRA”) which extends the act through the end of 2014.
In addition, the act of terrorism defined in TRIA was expanded. TRIA required that it “be committed by an individual acting on behalf of any foreign person or foreign interest” in order to qualify as an act of terrorism. That requirement is now removed.
From Federal Register, Vol. 73, No. 19 dated January 28, 2008, pp. 5264-5267