FIO Releases Annual TRIA Effectiveness Report

July 6, 2020 The Federal Insurance Office released its 2020 TRIA Effectiveness Report and the analysis of collected information arrived at six conclusions... Read more

GAO Releases Reports on TRIA, Treasury Calls on Insurers to Submit Comments for TRIA Effectiveness Report

April 27, 2020 The Government Accountability Office issued two reports on terrorism risk insurance April 20 titled “Terrorism Risk Insurance: Program Changes Have Reduced Federal Fiscal Exposure” and... Read more

TRIA Reauthorization Prompts NAIC Working Group to Issue Updates to Model Bulletin, Policyholder Disclosures

March 30, 2020 The NAIC Terrorism Insurance Implementation (C) Working Group has continued its work on updating various products produced by the group in regard to the unexpected Terrorism Risk and Insurance Act Reauthorization that occurred late last year, nearly a... Read more

Federal Insurance Office Holds First ACRSM Meeting of Year

February 10, 2020 NAMIC attended the Feb. 5 meeting of the Advisory Committee for Risk-Sharing Mechanisms at the U.S. Department of the Treasury, which brought forward several findings, issues that merit further study, and recommendations for the... Read more

Treasury’s TRIA ACRSM To Meet for First Meeting of Year

January 21, 2020 The U.S. Department of the Treasury’s Advisory Committee on Risk-Sharing Mechanisms will convene Feb. 5 for its first meeting of the year to address topics related to the role of nongovernmental mechanisms in supporting the... Read more

ICYMI: TRIA Reauthorized for Seven Years, NFIP Extended Through September 2020

January 6, 2020 President Trump signed a seven-year reauthorization of the Terrorism Risk Insurance Act program passed by Congress with no structural changes into law Dec. 20, more than a year before... Read more

Oh Christmas TRIA, Oh Christmas TRIA

December 20, 2019 If you would have asked me a year ago where we would be on the reauthorization of the Terrorism Risk Insurance Act at the end of 2019, you wouldn’t have heard me say: “finished.” Yet here we are. Today, the president signed into law a... Read more

NAMIC Praises Senate Passage of TRIA Reauthorization

December 19, 2019 By voting today to extend the Terrorism Risk Insurance Program, the Senate has helped protect our economy from the threat of terrorism and to keep our communities growing. The program helped revive our economy in the wake of the 9/11 attacks... Read more

NAMIC Hails House Passage of TRIA Extension

December 17, 2019 The National Association of Mutual Insurance Companies hailed today’s House passage of legislation reauthorizing the Terrorism Risk Insurance Program for seven years as part of broader spending legislation. Read more

Grande Again Named a Top Lobbyist by The Hill

December 16, 2019 Jimi Grande, senior vice president of government affairs for NAMIC, was recognized as one of Washington’s Top Lobbyists for the second year in a row by The Hill, a popular news publication covering politics and business in Congress and across... Read more

TRIA on Track to be Included in Government Funding Bill

December 16, 2019 Congressional leaders in spending talks announced Dec. 12 that they had reached a "deal in principle" to fund the federal government for the rest of fiscal year 2020. Importantly, all indications signal that the spending deal will include the... Read more

TRIA Passed by House, Advanced by Senate Banking Committee

November 25, 2019 The Senate Committee on Banking, Housing, and Urban Affairs held a markup of S. 2877, the Terrorism Risk Insurance Program Reauthorization Act of 2019, Nov. 20 and passed the bipartisan... Read more

Statement by Jimi Grande of NAMIC RE: Senate Banking Committee Approves TRIA Extension Legislation

November 20, 2019 "NAMIC commends the leadership and bipartisanship of the Senate Banking Committee for taking up and passing S. 2877, critical legislation that will reauthorize the Terrorism Risk Insurance Act, thereby... Read more

NAMIC Hails House Passage of TRIA Reauthorization

November 18, 2019 Legislation to protect the country's national economic security from terrorism took an important step forward today with passage by the House of Representatives, the National Association of Mutual Insurance Companies said. Read more

TRIA Reauthorization to be Considered on House Floor, Senate Banking Committee

November 18, 2019 Following a unanimous vote out of the House Financial Services Committee on Oct. 31, the House of Representatives will be taking up the seven-year, clean reauthorization bill to extend the Terrorism... Read more

Treasury Issues Final Rule on Insurance Marketplace Aggregate Retention Amount

November 18, 2019 The U.S. Department of the Treasury put out a notice of proposed rulemaking proposing technical corrections to the calculation and notification of the insurance marketplace... Read more

TRIA Reauthorization to be Considered on House Floor This Work Period

November 12, 2019 NAMIC and other stakeholders met with leadership in the House, Senate, and White House to discuss how to advance legislation reauthorizing the Terrorism Risk Insurance Act to the president's... Read more

HFSC Unanimously Passes Long-Term TRIA Reauthorization

November 4, 2019 The House Financial Services Committee held a markup Oct. 28-30 that included unanimous passage of a seven-year reauthorization of the Terrorism Risk Insurance Act with no... Read more

NAMIC Hails Committee Vote to Extend TRIA Program

October 30, 2019 The National Association of Mutual Insurance Companies welcomed today’s vote by members of the House Financial Services Committee today to extend the Terrorism... Read more

House Committee to Vote on Seven-Year TRIA Reauthorization

October 28, 2019 The House Financial Services Committee will vote on four bills at an Oct. 29 markup, including one that would provide a seven-year reauthorization of the Terrorism Risk Insurance Program with no major changes to the key mechanisms of the program... Read more

Long-Term TRIA Reauthorization Bill Introduced Ahead of Hearing

October 21, 2019 The House Financial Services Committee subcommittees on Housing & Insurance and National Security, International Development, and Monetary Policy convened a hearing Oct. 16 titled “Protecting America: The Reauthorization of the... Read more

NAMIC Holds 2nd Annual Government Affairs Conference

October 21, 2019 NAMIC hosted its second annual Government Affairs Conference Oct. 16-17, during which NAMIC’s Federal Affairs and State Affairs committees discussed policy, strategy, and outlook for the industry over... Read more

Long-Time NAMIC Ally New Republican Leader of Insurance Subcommittee

October 21, 2019 House Financial Services Committee ranking member Patrick McHenry, R-N.C., announced Oct. 17 that Rep. Steve Stivers, R-Ohio, a long-time ally of NAMIC, will take over as the top Republican on the Subcommittee on Housing, Community Development, and... Read more

TRIA Reauthorization Hearing, Clean Reauthorization Draft Bill Introduced

October 14, 2019 The House Financial Services Committee’s Housing, Community Development and Insurance Subcommittee and the National Security, International Development and Monetary Policy Subcommittee will convene on Oct. 16 at 2 p.m. for a hearing titled “Protecting... Read more

Treasury’s TRIA ACRSM Meets for Second Time

October 7, 2019 The Advisory Committee on Risk-Sharing Mechanisms convened Sept. 30 at the Treasury Department for its second meeting of the year. While there was not much new policy-related information, there was some discussion about evaluating the lack of... Read more

HFSC Sets TRIA Reauthorization Hearing

October 7, 2019 The House Financial Services Committee will examine reauthorization of the Terrorism Risk Insurance Act at an Oct. 16 hearing, according to a list released Oct. 3 by Rep. Maxine Waters, D-Calif., the chairwoman of... Read more

Joint Industry TRIA Letter Hits Hill as October Hearing Expected

September 20, 2019 More than 340 companies and trade groups, including NAMIC, are urging Congress to work swiftly to pass a long-term “clean” reauthorization of the Terrorism Risk Insurance Act. The groups argue that changes to various components of... Read more

NAMIC Invited to Speak at HFSC TRIP Roundtable

September 16, 2019 NAMIC has been invited to speak at a Sept. 26 roundtable arranged by House Financial Services Committee ranking member Patrick McHenry, R-N.C. The roundtable will provide an opportunity for minority members of the committee and their staffs to... Read more

Treasury Releases Proposed Rule on Industry Aggregate Retention Calculation

September 9, 2019 The U.S. Department of the Treasury put out a notice of proposed rulemaking Sept. 6 proposing technical corrections to the calculation and notification of the annual industry aggregate retention level, which it is referring to as the insurance... Read more

Please Contact NAMIC to Sign Onto Industry TRIA Letter

September 3, 2019 The Terrorism Risk Insurance Program has served as a vital public-private risk sharing mechanism since its initial enactment following the terror attacks on Sept. 11, 2001. TRIA ensures that terrorism insurance coverage remains available to... Read more

NAMIC Invited to Present at Advisory Committee on Risk-Sharing Mechanisms

August 12, 2019 The Department of Treasury's Advisory Committee on Risk-Sharing Mechanisms met Aug. 12 for a public meeting to discuss risk-sharing mechanisms, such as the Terrorism Risk Insurance Program. The ACRSM was created during the last reauthorization of... Read more

NAMIC Invited to Present at Advisory Committee on Risk-Sharing Mechanisms

July 29, 2019 The Department of Treasury's Advisory Committee on Risk-Sharing Mechanisms will convene Aug. 12 for a public meeting to discuss risk-sharing mechanisms, such as the Terrorism Risk Insurance Program. The ACRSM was created during the last... Read more

NAMIC Submits Comments to Treasury on TRIA Small-Insurer Study

May 20, 2019 NAMIC submitted comments to the U.S. Treasury on May 13 in response to its recent request for comments on the department’s study regarding the Terrorism Risk Insurance Act program and... Read more

Treasury’s TRIA Office Seeks Comments for Small Insurer Report

April 22, 2019 Recently, the U.S. Department of the Treasury published a notice in the Federal Register seeking comments in connection with its Small Insurer Report. Comments are due by May 13, and a full report to Congress is due on June 30. Read more

Regulators, Industry Representatives Share Goal of Terrorism Risk Insurance Reauthorization

April 17, 2019 The Terrorism Insurance Implementation (C) Working Group spent time looking at their understanding of the terrorism risk insurance market today and conducting a review of the reauthorization of the Federal Terrorism Risk Insurance Act. Read more

TRIA Data Call Update

April 1, 2019 The Department of Treasury announced the week of March 25 that the Office of Management and Budget has approved the collection forms for the 2019 Terrorism Risk Insurance Program Data Call, and the collection site, managed by ISO again, will be ready... Read more

TRIA a Success, But Still a Necessity

March 29, 2019 This year marks the first time a child born after 9/11 will turn 18. At times it still feels like only yesterday that these attacks happened, but so much has changed since then. While we may not have held onto the feeling of unity we had in the days... Read more

NAMIC Releases TRIA White Paper

March 26, 2019 NAMIC released “Understanding the Terrorism Risk Insurance Program” March 26, its first public policy issue analysis of the year. The analysis provides a comprehensive overview of the structure of the TRIA program, why it is necessary, and what would... Read more

California; NAIC, FIO Terrorism Risk Insurance Data Calls

March 1, 2019 The Workers’ Compensation Insurance Rating Bureau has issued Bulletin 2019-03, identifying and describing the efforts in which it will be engaged in... Read more

HFSC Democratic Organization Starts to Come Together

January 28, 2019 House Financial Services Committee Democrats held an organizational meeting Jan. 24 to officially select subcommittee chairs and begin to determine subcommittee assignments... Read more

Financial Services Committee’s Top GOP Member Asks Democrats to Focus on Key Issues

January 28, 2019 House Financial Services Committee ranking member Patrick McHenry, R-N.C., sent a letter Jan. 22 to the committee’s chairwoman, Rep. Maxine Waters, D-Calif., asking the committee’s Democratic leadership to prioritize a number of... Read more

NAMIC Meets With White House to Discuss 2019 Priorities

December 17, 2018 NAMIC joined a small group of other trade associations from both the insurance and the securities industries for a Dec. 14 roundtable discussion with White House officials on priority issues for 2019. Specifically, the administration was interested in... Read more

U.S. Treasury Department Seeks Feedback on 2019 TRIP Data Call Reporting Forms

November 14, 2018 The United States Department of the Treasury is seeking insurer feedback on the 2019 Terrorism Risk Insurance Program Data Call reporting templates. Read more

Texas: TDI Approves TRIPRA-Related Endorsement

November 9, 2018 The Texas Department of Insurance has approved an endorsement designed to notify workers’ compensation policyholders of a possible change to the Terrorism Risk Insurance Program Reauthorization Act of 2015. Several other states have previously approved t Read more

North Carolina: NCRB Announces Approval of TRIPRA-Related Notification Endorsement

July 31, 2018 The North Carolina Rate Bureau has announced the approval of an endorsement related to the currently scheduled expiration of the Terrorism Risk Insurance Program Reauthorization Act in 2020. Read more

Texas: TDI Issues Bulletin Regarding Terrorism Risk Insurance Data Call

April 27, 2018 The Texas Department of Insurance has issued a bulletin regarding its participation in the NAIC's Terrorism Risk Insurance Data Call. As noted in the bulletin, prior to 2018, all 50 states and the U.S. Treasury Department collected terrorism risk... Read more

North Carolina: Rating Bureau Issues Circulars Regarding Data Quality Report, NAIC Terrorism Risk Data Call

March 9, 2018 The North Carolina Rate Bureau has issued two Circular Letters applicable to workers' compensation members of the Bureau, Circular C-18-6 and C-18-7. Circular C-18-6 notifies member carriers writing workers' compensation coverage that the 2017 ... Read more

Treasury Advisory Committee Meets to Discuss Capital Markets Alternative to Terrorism Risk Insurance Act

July 31, 2017 The Treasury Department’s Advisory Committee on Risk-Sharing Mechanisms held its third regular meeting of the year on Friday, July 28. Consistent with its statutory mandate, the ACRSM was focused primarily... Read more

TRIA Advisory Committee to Meet Friday

July 24, 2017 The Treasury Department's Advisory Committee on Risk-Sharing Mechanisms will hold its third regular meeting of 2017 on July 28. Consistent with its statutory mandate... Read more

FIO Releases Study on Small Insurers Participation in Terrorism Risk Insurance Market

July 10, 2017 The Federal Insurance Office released on June 30 its first report [LINK TO attached] on small insurer participation in the terrorism risk insurance marketplace... Read more

TRIA Federal Insurance Office opens online data – deadline May 15

April 24, 2017 The Federal Insurance Office officially opened the online data collection portal on April 17 for this year's Section 111 TRIA data reporting. Under the Terrorism Risk Insurance Program Reauthorization Act of... Read more

TRIA Treasury Department hosting webinar

April 18, 2017 The Federal Insurance Office officially opened the online data collection portal on April 17, for this year's Section 111 TRIA data reporting. Under the Terrorism Risk Insurance Program Reauthorization Act of... Read more

TRIA Federal Insurance Office launches online data collection

March 28, 2017 The Federal Insurance Office opened the online data collection portal on March 27 for this year's Section 111 TRIA data reporting, albeit currently only for registration. The data collection process and forms are still awaiting... Read more

TRIA Government Accountability Office releases funding structure study

January 23, 2017 The Government Accountability Office released a study Jan. 13 on the Terrorism Risk Insurance Program titled "Terrorism Risk Insurance: Market Challenges May Exist for Current Structure and Alternative Approaches." The GAO was mandated to... Read more

TRIA DCBS provides guidance utilizing Oregon product standards

January 10, 2017 The Department of Consumer and Business Services, Division of Financial Regulations has provided guidance to insurers concerning the Terrorism Risk Insurance Program. The DCBS specifically referenced in its email the... Read more

NAMIC to Participate in Treasury Meeting on Risk-Sharing Mechanisms

December 12, 2016 NAMIC staff will be participants at the Department of Treasury and the Federal Insurance Office’s Dec. 15 meeting of the Advisory Committee on Risk-Sharing Mechanisms. The committee will discuss issues related to... Read more

FIO's TRIA Mandatory Data Collection Plan Expected in December

December 5, 2016 The Federal Insurance Office indicted during a recent meeting with NAMIC that it plans to publish its proposed TRIA data collection plan for 2017 in the Federal Register before the end of 2016. Under Section 111 of the... Read more

UPDATE: State Regulator Terrorism Insurance Data Call

August 29, 2016 The deadline for companies to comply with the terrorism insurance data call has been extended to Nov. 1, 2016. The deadline extension was announced on Aug. 28 at the summer annual meeting of... Read more

TRIA Working Group to Discuss Status of State Terrorism Insurance Data Collection Effort

August 24, 2016 The Terrorism Insurance Implementation (C) Working Group will discuss the ongoing terrorism insurance data call that is being conducted jointly by all 50 states and the... Read more

State Regulator Terrorism Insurance Data Call

August 10, 2016 Property/casualty insurers across the U.S. began receiving letters early last week from state insurance regulators regarding a terrorism risk insurance data call that is being administered jointly by all 50 states and the... Read more

State Regulator Terrorism Insurance Data Call

August 1, 2016 For the past several months, a group of state regulators, led by the New York Department of Financial Services, has been developing a terrorism insurance data call in consultation with... Read more

FIO Releases First Section 111 TRIA Report

July 5, 2016 The Federal Insurance Office issued the first “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” on June 30 and said that further reports will be... Read more

FIO's Advisory Committee on Terrorism Risk-Sharing Mechanisms Holds Meeting June 1st

June 6, 2016 The Advisory Committee on Risk-Sharing Mechanisms held its second open meeting June 1 at the Treasury Department building in Washington, D.C. The ACRSM was established by the... Read more

NAMIC Submits Comments on TRIA Implementation

June 6, 2016 The Federal Insurance Office of the U.S. Treasury Department published a notice of proposed rulemaking in the Federal Register April 1 on the Terrorism Risk Insurance Act Program. The proposed rule is intended to implement changes to... Read more

FIO's Advisory Committee on Terrorism Risk-Sharing Mechanisms to Meet

May 31, 2016 The Advisory Committee on Risk-Sharing Mechanisms will hold its second open meeting June 1 at 10 a.m. EDT. The ACRSM was established by the Terrorism Risk Insurance Program Reauthorization Act of 2015 and provides advice and... Read more

NAMIC Submits Comments to Treasury on TRIA

April 18, 2016 NAMIC submitted comments to the U.S. Treasury Department April 15 on the impact and effectiveness of the Terrorism Risk Insurance Program. These comments were in response to the solicitation of public feedback published in the Federal Register on March ... Read more

TRIA Working Group to Explore State Terrorism Insurance Data Collection Effort

April 12, 2016 Although it is not formally a project of the NAIC, a proposal developed by a dozen states to jointly administer a terrorism insurance data call was the main item on the agenda of the Terrorism Insurance Implementation (C) Working Group at its meeting on... Read more

Treasury Releases Proposed Rule, Request for Comments on TRIA

April 4, 2016 The Federal Insurance Office of the U.S. Treasury Department published a notice of proposed rulemaking in the Federal Register April 1 on the Terrorism Risk Insurance Act Program. The proposed rule is intended to implement changes to the program require... Read more

The ‘Flood’ of Supplemental Reporting Requirements Continue

March 31, 2016 New annual statement supplemental reporting requirements for flood insurance are the latest in a recent increase in supplemental reporting requirements. The NAIC has begun a trend of using the annual statement supplemental reporting as a means of collec... Read more

TRIA Working Group to Explore State Terrorism Insurance Data Collection Effort

March 31, 2016 Although it is not formally a project of the NAIC, a proposal developed by a group of 11 states to jointly administer a terrorism insurance data call will be discussed for the first time by the Terrorism Insurance Implementation (C) Working Group. The g... Read more

FIO Solicits Supplemental Information for Report on TRIA Program’s Effectiveness

March 28, 2016 The Federal Insurance Office published a solicitation of public feedback on the impact and effectiveness of the Terrorism Risk Insurance Program on... Read more

Federal Insurance Office Requests Data on Terrorism Coverages

March 16, 2016 The Federal Insurance Office has published a request in the Federal Register asking insurers to voluntarily submit information about their participation in the federal government's Terrorism Risk Insurance Program. The Terrorism Risk Insurance Program R... Read more

FIO Releases TRIA Data Reporting Process Blueprint

March 7, 2016 The Federal Insurance Office published a request in the Federal Register March 4 asking insurers to voluntarily submit information about their participation in the federal government's Terrorism Risk Insurance Program. The Terrorism Risk Insurance Progr... Read more

FIO to Hold First Meeting of Working Group on Alternative Terrorism Risk Funding Mechanisms

February 8, 2016 The Federal Insurance Office put out a notice in April 2015 requesting applications for membership for a new advisory committee on risk-sharing mechanisms to voluntarily reinsure against losses from acts of terrorism. The FIO officially announced on Sep... Read more

TRIA Data Collection Efforts Still Under Development at State, Federal Levels

January 4, 2016 Under Section 111 of the TRIA reauthorization bill passed in January 2015, the Federal Insurance Office is now responsible for reporting annually on the state of the terrorism risk insurance market in order to judge the effectiveness of the TRIA program... Read more

Terrorism Working Group Floats Data Collection Instrument

November 24, 2015 During its meeting on Nov. 19, the Terrorism Insurance Implementation (C) Working Group provided further details and insight regarding a new terrorism insurance data collection proposal that was unveiled by NAIC staff and a group of state regulators dur... Read more

Join NAMIC Staff for Update on New TRIA Reporting Requirements

October 26, 2015 NAMIC will host a conference call at 1 p.m. EDT Oct. 30 to discuss new reporting requirements created under the Terrorism Risk Insurance Program Reauthorization legislation passed at the beginning of this year. Section 111 of that bill mandates that the... Read more

FIO Holds Third Stakeholder Meeting on TRIA Data Reporting Today

October 19, 2015 The Federal Insurance Office will host its third meeting of interested stakeholders Oct. 19 to discuss reporting data relevant to terrorism risk insurance coverage and the market for it. Under Section 111 of the TRIA reauthorization bill passed at the b... Read more

FIO Announces Next Stakeholders Meeting on TRIA Data Collection

October 5, 2015 The Federal Insurance Office has announced when it will host its next meeting for key stakeholders to discuss the implementation of Section 111 of the Terrorism Risk Insurance Act reauthorization bill passed at the beginning of this year. Section 111 re... Read more

FIO Creates New Advisory Council on Private Risk-Sharing Mechanisms for Terrorism Losses

September 25, 2015 The Federal Insurance Office announced on Sept. 23 the creation of a nine-member advisory council called the Advisory Committee on Risk-Sharing Mechanisms, which was authorized earlier this year in legislation reauthorizing the Terrorism Risk Insurance ... Read more

FIO Holds Second Stakeholder Meeting on TRIA Reporting

September 14, 2015 The Federal Insurance Office hosted its second meeting Sept. 9 at the Treasury Department for key stakeholders to discuss the implementation of Section 111 of the Terrorism Risk Insurance Act reauthorization bill passed at the beginning of this year. Se... Read more

FIO to Hold Meeting on TRIA Data Reporting Sept. 9

September 8, 2015 The Federal Insurance Office will hold its second meeting of interested stakeholders, including NAMIC and other industry representatives, at the Treasury Department on Sept. 9 to discuss the data collection process for the office’s mandated study on the... Read more

Disclosures Related to Investments, Reserving Dominate Accounting Group

August 25, 2015 While the Financial Condition (E) Committee discussed the merits of statutory accounting, the task forces and working groups that report to the committee had several accounting and reporting and disclosure issues on the agenda in Chicago. All exposures ... Read more

TRIA Blanks Supplement Rejected by Accounting Task Force

August 25, 2015 In a surprise move, the Accounting Practices and Procedures (E) Task Force voted to scuttle a controversial terrorism insurance Blanks supplement to the Annual Financial Statement. The proposed Blanks supplement had previously been adopted by the Blanks... Read more

FIO Announces Next Stakeholder Meeting to Discuss TRIA Data Reporting

August 24, 2015 As NAMIC reported last week , the Federal Insurance Office held its first meeting of interested stakeholders, including NAMIC and other industry representatives, at the Treasury Department on Aug. 12. A second meeting is scheduled for Sept. 9. The legis... Read more

FIO Holds Meeting on Data Collection for New Annual Terrorism Insurance Report

August 17, 2015 The Federal Insurance Office hosted a stakeholder meeting Aug. 12 at the Treasury Department to discuss the collection of data needed for a new report on the terrorism risk insurance market required by the reauthorization of the TRIA program passed in J... Read more

Blanks Working Group Tackles Cyber and Terrorism

August 12, 2015 Exciting times are expected in the Blanks Working Group at this meeting. Prior to the summer meeting, the working group adopted a new cybersecurity supplement aimed at collecting cybersecurity insurance market information. In a related issue, the workin... Read more

TRIA Data Collection is Subject of Blanks Proposal

August 12, 2015 The Terrorism Insurance Implementation (C) Working Group recently voted to refer a new blanks proposal regarding terrorism insurance to the Blanks (E) Working Group. The latter working group will discuss the proposal when it meets in Chicago on Aug. 15.... Read more

NAMIC Submits Comments on TRIA Implementation Supplement

July 13, 2015 As reported , the bill reauthorizing the Terrorism Risk Insurance Act contains a provision mandating that the Federal Insurance Office begin producing an annual study on the private market for terrorism insurance. This study will likely require insurers... Read more

NAMIC Preparing for Mandated FIO Study of Terrorism Insurance Market

July 6, 2015 Contained within the bill reauthorizing the Terrorism Risk Insurance Act passed at the beginning of 2015 is a provision mandating that the Federal Insurance Office begin producing an annual study on the private market for terrorism insurance. Beginning ... Read more

Treasury Seeking Applicants for Terrorism Risk Advisory Panel

April 20, 2015 The U.S. Department of the Treasury is seeking directors, officers, or other employees of insurers, reinsurers, or capital market participants to serve on an advisory committee on risk-sharing mechanisms to reinsure against losses from terrorism and enc... Read more

Update on TRIA Disclosure Deadline

March 20, 2015 As you are aware, the Terrorism Risk Insurance Program Office at the Treasury Department issued interim guidance Feb. 4, which set an April 13 deadline for insurance companies to make certain disclosures and offers to comply with the Terrorism Risk Insu... Read more

NAMIC Submits Comments on TRIA Certification Process

March 9, 2015 NAMIC filed comments with the Federal Insurance Office March 6 regarding the process by which an act of terrorism gets officially certified for purposes of qualifying for coverage under the Terrorism Risk Insurance Program. The recently passed TRIA reau... Read more

New York: TRIA Filing Circular Letter Issued

February 25, 2015 The Department of Financial Services has issued Circular Letter No. 2 (2015) to provide property/casualty insurers with guidance on the submission of filings to reflect the recent enactment of the Terrorism Risk Insurance Program Reauthorization Act of ... Read more

Treasury Seeks Comment on TRIA Certification Process

February 23, 2015 Section 107 of the Terrorism Risk Insurance Program Reauthorization Act of 2015 requires the secretary of the Treasury to conduct a study on the certification process in TRIA and submit a report on the results of its study to Congress. Treasury is reque... Read more

Rhode Island: TRIA Filing Guidance Issued

February 18, 2015 The Rhode Island Department of Business Regulation has issued Bulletin 2015-2 to provide property and casualty insurers with guidance on filing procedures to be followed in light of the recent enactment of the Terrorism Risk Insurance Program Reauthoriz... Read more

Connecticut: TRIA Filing Guidance Issued

February 18, 2015 The Connecticut Insurance Department has issued Bulletin PC-76 to provide property and casualty insurers with guidance on filing procedures to be followed in light of the recent enactment of the Terrorism Risk Insurance Program Reauthorization Act of 20... Read more

Maine: TRIA Filing Guidance Issued

February 18, 2015 The Bureau of Insurance has issued Bulletin 400 to provide property/casualty insurers with guidance on the submission of filings to reflect the recent enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2015. John Murphy State Affai... Read more

FIO Releases TRIA Interim Guidance, Seeks Comment on Event Certification Process

February 4, 2015 In interim guidance released Feb. 4, the Treasury Department’s Federal Insurance Office set an April 13, 2015, deadline for insurance companies to make certain disclosures and offers to comply with the Terrorism Risk Insurance Act program, and detailed ... Read more

Re: TRIA Reauthorization Signed Into Law

January 13, 2015 Statement by Charles M. Chamness President and CEO National Association of Mutual Insurance Companies “With the threat of terrorism continuing to be all too significant, it is vitally important that our nation employs every measure to protect ourselves ... Read more

President to Sign TRIA Reauthorization Into Law

January 12, 2015 Within 48 hours of meeting for the first time, the 114th Congress passed legislation to reauthorize the Terrorism Risk Insurance Program through both chambers and sent it to the president’s desk for his signature. Although there are no plans for a publi... Read more

New York: DFS Suspends TRIA Survey

January 9, 2015 In light of congressional action reauthorizing Terrorism Risk Insurance Act, the Department of Financial Services advised NAMIC that it suspended the data request that it made to a number of insurers writing in New York. The response to the survey was o... Read more

TRIA Reauthorization Legislation Clears House and Senate, Heads to President’s Desk for Signature

January 8, 2015 Building on the momentum created by yesterday’s House passage of legislation reauthorizing the Terrorism Risk Insurance Program, H.R. 26, NAMIC and other industry stakeholders convinced the Senate to immediately take up the bill and put it on the floor,... Read more

NAMIC Hails Senate Vote to Reauthorize TRIA Program

January 8, 2015 The National Association of Mutual Insurance Companies commended the U.S. Senate for immediately taking up a bill and voting to reauthorize the Terrorism Risk Insurance Act. Read more

TRIA Re-Authorization Passed by House, Awaits Senate Action

January 7, 2015 As we expected , legislation to reauthorize the Terrorism Risk Insurance Act was just approved by the House by a 416-5 vote. This is the second overwhelming and bipartisan show of support for this legislation, and it is a testament to the work of NAMIC ... Read more

NAMIC: House Acts to Provide Continued Economic Security From Terrorism

January 7, 2015 The National Association of Mutual Insurance Companies welcomed passage by the U.S. House of Representatives of legislation today to reauthorize the risk-spreading program created under the Terrorism Risk Insurance Act. “TRIA provides an essential eleme... Read more

TRIA Alert: Re-Authorization Bill Set for Swift Approval in the House

January 6, 2015 Yesterday saw the first breakthrough for NAMIC’s high-intensity advocacy campaign to swiftly reauthorize the Terrorism Risk Insurance Program that began several weeks ago when the 113th Congress adjourned having failed to pass a bill. We are pleased to ... Read more

A Full Agenda, a Push for TRIA Reauthorization Await as 114th Congress is Sworn In

January 5, 2015 All eyes will be on Washington, D.C., as members of the 114th Congress are sworn in this week. As a result of last November’s elections, the GOP will have a new majority in the Senate and a stronger hand in the House as the party tries to demonstrate it... Read more

Join NAMIC for Conference Call on TRIA Expiration Tomorrow at 1 p.m. EST

December 17, 2014 As you are aware , Congress adjourned for the year before passing legislation to reauthorize the Terrorism Risk Insurance Program, which is set to expire on Dec. 31. Chuck Chamness, NAMIC's president and CEO, hosted a conference call to discuss TRIA... ... Read more

NAMIC: Failure to Reauthorize TRIA Jeopardizes Economic Security

December 17, 2014 The National Association of Mutual Insurance Companies expressed dismay at the adjournment of Congress without passage of legislation to reauthorize the risk-spreading program created under the Terrorism Risk Insurance Act. The TRIA program is set to ex... Read more

Congress Fails, TRIA Set to Expire

December 17, 2014 In a shocking turn of events, the Senate adjourned last night for this year without passing a reauthorization of the Terrorism Risk Insurance Program. Because Congress failed to finish this crucial task, the TRIA program will now expire on Dec. 31, and ... Read more

The Clock is Ticking on TRIA Reauthorization

December 15, 2014 The U.S. House of Representatives left town last week, but the Senate is still in session in Washington attempting to wrap up a few remaining issues before final adjournment. One of those key issues left to do is the reauthorization of the Terrorism Ris... Read more

Showdown on TRIA as the House Passes Its Bill

December 11, 2014 As expected Wednesday evening, the U.S. House of Representatives voted overwhelmingly with a vote of 417-7 to pass legislation that would reauthorize the Terrorism Risk Insurance Act for six years. The legislation is different than the seven-year reauth... Read more

News Release: NAMIC Welcomes House Vote on TRIA, Urges Senate Action

December 10, 2014 Legislation approved by the U.S. House of Representatives today will help ensure continued protection for our nation’s economy from the threat of terrorism, said the National Association of Mutual Insurance Companies. “Today’s vote is an important step ... Read more

Last Minute Political Maneuvering Jeopardizes Passage of TRIA Reauthorization

December 10, 2014 As you are aware , we are entering into the final stages of a years-long effort to pass legislation reauthorizing the Terrorism Risk Insurance Program before its expiration on Dec. 31. We are pleased to report that the general parameters of a potential ... Read more

Congress Set to Finish TRIA, Several Other Property/Casualty Industry Issues This Week

December 8, 2014 As the lame duck session of the 113th Congress winds to a close Dec. 12, lawmakers will be taking action on legislation to reauthorize the Terrorism Risk Insurance Program. In the last several days, negotiations between the House and the Senate on what ... Read more

Lame Duck Agenda Plagued by Uncertainty

December 1, 2014 As lawmakers return to Washington D.C., Dec. 1, uncertainty remains about the agenda for the final two weeks of the lame duck session of the 113th Congress. There are several items that are considered must-do before the House adjourns for the year at th... Read more

Busy Lame Duck for Property/Casualty Industry

November 24, 2014 Although the headlines have been dominated by the president’s recent executive action on immigration, there has been a lot happening in Washington, D.C., since the Nov. 4 elections. Upon its return following Veteran’s Day, Congress was in session for tw... Read more

Congress Moving to Take Action on TRIA Reauthorization in Lame Duck

November 17, 2014 The 113th Congress has returned to Washington for several weeks following the elections to wrap up several outstanding issues that still face the nation, not least of which is the continued funding of the government past early December. Also still left ... Read more

NAMIC Calls on House to Pass Long-Term TRIA Reauthorization

November 13, 2014 The 1,400 member companies of the National Association of Mutual Insurance Companies called on lawmakers returning to Washington to move quickly to pass a long-term reauthorization of the Terrorism Risk Insurance Act. In a message sent to members of the... Read more

When Congress Returns, TRIA Reauthorization on the Agenda

October 27, 2014 When Congress adjourned in mid-September to focus on the upcoming elections, it left Washington having failed to pass a bill reauthorizing the Terrorism Risk Insurance Program. Currently, TRIA is set to expire on Dec. 31. The Senate passed a bill reauth... Read more

NAMIC’s TRIA Final Netting Proposed Rule Comments

October 23, 2014 In October 2010, NAMIC filed comments with Treasury on proposed regulations for final netting of payments under the Terrorism Risk Insurance Program. NAMIC proposed a longer period for the reporting of claims, thresholds which reflect a manageable stand... Read more

Congress Plans Its Exit Leaving the Rest for Lame Duck Session

September 15, 2014 As Congress prepares to wrap up the current session to focus on the elections, there are still a number of outstanding issues that need to be taken care of when lawmakers return in November. The plans for this week only include finishing “must pass” ite... Read more

NAMIC Attends OECD Meeting on TRIA at Treasury Department

September 15, 2014 The Treasury Department hosted a meeting of representatives from the insurance industry, regulators, and academics from all over the world Sept. 10 to discuss terrorism risk insurance. Titled “Terrorism Risk Insurance: A Global Perspective – Where Do We... Read more

NAMIC Summer Push for TRIA Reauthorization Intensifies as Congress Returns

September 8, 2014 When Congress adjourned for the month of August, it did so without passing a bill that would reauthorize the Terrorism Risk Insurance Program. Although the Senate did pass a seven-year TRIA bill in July with a staggering 93-4 majority, the House version... Read more

NAMIC Launches August Grassroots Campaign to #reauthorizeTRIA

August 11, 2014 The annual congressional August recess is normally a time when things go quiet on Capitol Hill. But with the Terrorism Risk Insurance Act set to expire at the end of this year, and without a clear timeline on which lawmakers plan to act, NAMIC has launc... Read more

Join the Effort to Reauthorize TRIA

August 7, 2014 We’ve said from the beginning that getting TRIA reauthorized would be a long and difficult journey. Knowing that, I would say we can pause for a moment and appreciate the excellent progress we have already made. No one has been more engaged in helping s... Read more

Tell Your Member of Congress to Reauthorize TRIA ASAP!

August 6, 2014 With the Terrorism Risk Insurance Act set to expire at the end of this year, reauthorizing the program has been a top legislative priority for NAMIC during this Congress. Reauthorizing TRIA will ensure that our economy can recover from another large sca... Read more

Path Forward on TRIA Remains Unclear

July 28, 2014 As we reported last week, the House of Representatives has been unable to bring a bill reauthorizing the Terrorism Risk Insurance Program to the floor for a vote. Although discussions have been ongoing, it appears that Congress will adjourn for the Augu... Read more

With Senate Clearing TRIA Bill, All Eyes Turn to House

July 21, 2014 The Senate voted to pass legislation July 17 that would reauthorize the Terrorism Risk Insurance Program for seven years. With this major advancement, NAMIC and other industry and policyholder stakeholders are shifting gears to focus on moving a bill th... Read more

TRIA Bill Clears Senate

July 17, 2014 The Senate passed S. 2244, legislation that would reauthorize the Terrorism Risk Insurance Program, on July 17 by a 93-4 vote. Given the last-minute nature of most things in Washington D.C. these days, NAMIC was very pleased that we were able to get thi... Read more

NAMIC Hails Senate Vote to Protect Economy from Terrorism

July 15, 2014 Legislation passed by the Senate will help prevent long-term economic damage from terrorist attacks by ensuring that insurance coverage for acts of terrorism remains available and affordable, the National Association of Mutual Insurance Companies said t... Read more

TRIA Poised to Move Forward This Week

July 14, 2014 With the Terrorism Risk Insurance Program’s expiration looming at the end of the year, NAMIC and other industry and policyholder groups have ratcheted up the pressure to pass reauthorization legislation as soon as possible. Now the Senate appears on tra... Read more

Busy Month Ahead for Financial Services Issues in Washington

July 7, 2014 Back from a week-long recess for the Fourth of July, Congress is preparing for a busy month with an agenda that will deal with a variety of financial services issues. With the November midterm elections fast approaching, the next four weeks will be amon... Read more

House, Senate Poised to Move on TRIA in July

June 30, 2014 With the House and Senate both in recess for the July 4 holiday, there will be no action on the reauthorization of the Terrorism Risk Insurance Program this week. It is now anticipated that both chambers will move a bill to their respective floors durin... Read more

Five-Year TRIA Reauthorization Bill Clears House Committee

June 23, 2014 The House Financial Services Committee voted June 20 to favorably report H.R. 4871, the TRIA Reform Act of 2014, to the full House of Representatives. The bill was passed on a party-line vote of 32-27. The House bill reauthorizes the program for five ye... Read more

TRIA Reauthorization Moves Forward in House

June 20, 2014 Legislation approved 32-27 today by the House Financial Services Committee to reauthorize the risk-spreading mechanism established by the Terrorism Risk Insurance Act represents an important step forward, but several provisions continue to cause concern... Read more

House TRIA Bill Could Move This Week

June 16, 2014 As we have reported, a Terrorism Risk Insurance Program reauthorization bill to be introduced in the House as early as today has moved considerably from the outlined plan released in May. The new bill is likely to reauthorize the program for five years ... Read more

NAMIC Welcomes Progress on TRIA Reauthorization With House Bill

June 13, 2014 The National Association of Mutual Insurance Companies welcomed the introduction of legislation to reauthorize the Terrorism Risk Insurance Act as a move toward maintaining the risk-sharing mechanism created under the law. “With just months until the TR... Read more

Terrorism Risk Insurance Debate Continues to Pick Up Steam

June 9, 2014 The Senate Banking Committee on June 4 unanimously passed S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014. Introduced in April, the bill would reauthorize the program for seven years, increase insurers’ co-payments above their ... Read more

TRIA Reauthorization, Cap Standards Advance in Senate

June 4, 2014 NAMIC saw significant progress on two issues June 3 as legislation to reauthorize the Terrorism Risk Insurance Act was approved by the Senate Banking Committee and the full Senate passed legislation requiring the Federal Reserve to recognize Standard Ac... Read more

NAMIC Urges Congress to Follow Senate Committee Vote With Swift Action on TRIA

June 3, 2014 With the Senate Banking Committee set to vote June 3 on legislation reauthorizing the Terrorism Risk Insurance Act, the National Association of Mutual Insurance Companies called on others in Congress to follow suit to maintain the program created by the... Read more

Senate Committee Set to Move Forward on TRIA Reauthorization

June 2, 2014 The Senate Committee on Banking, Housing and Urban Affairs is scheduled to mark-up legislation June 3 that would reauthorize the Terrorism Risk Insurance Program for an additional seven years. The mark-up will conclude with what is expected to be a stro... Read more

TRIA Program Reauthorization Continues to Slowly Move Forward

May 19, 2014 As we have reported, the House Financial Services Committee has been working to develop a legislative proposal to reauthorize, but also alter, the Terrorism Risk Insurance Program. Unfortunately, the ideas that the committee was considering would radica... Read more

Senate Committee Could Vote on TRIA Bill This Week

May 12, 2014 The Senate Banking Committee may add reauthorization of the Terrorism Risk Insurance Act to the agenda for a meeting to vote on housing finance reform, with a vote on the bill possibly occurring as early as May 15. Introduced April 10 by a bipartisan gr... Read more

NAMIC: RAND Study Demonstrates TRIA Crucial to U.S. Employers

May 7, 2014 A study by the RAND Corporation showing the importance of the Terrorism Risk Insurance Act in fostering a stable workers’ compensation insurance market for employers across the country demonstrates the need for the program’s swift reauthorization, the N... Read more

House Committee Seeks Big Changes to TRIA Program

May 5, 2014 The House Financial Services Committee has floated several proposed alterations it would seek for any reauthorization of the Terrorism Risk Insurance Program. As NAMIC has long expected, the House is considering ideas that would radically alter the way ... Read more

Administration Releases Study on Terrorism Risk Insurance Markets

April 21, 2014 The President’s Working Group on Financial Markets released on April 17 its third and final statutorily required study titled “The Long-Term Availability and Affordability of Insurance for Terrorism Risk.” As part of reauthorization legislation, the PWG... Read more

RAND Study Shows TRIA Extension Would Reduce Federal Spending

April 15, 2014 A major terrorist attack could require billions more dollars of federal spending if the TRIA program is allowed to expire, according to a new study by the RAND Corporation. The second in a series of three studies on terrorism risk and the insurance prog... Read more

Bipartisan Group of Senators Introduce TRIA Reauthorization Bill

April 14, 2014 A bipartisan group of senators introduced legislation April 10 that would reauthorize the Terrorism Risk Insurance Act for seven years. The current program is set to expire at the end of 2014. The reauthorization bill, S. 2244, was introduced by Sens. C... Read more

Senate Right to Extend Terrorism Insurance Program, but Co-Pay Change a Concern

April 10, 2014 The National Association of Mutual Insurance Companies welcomed a much-needed long-term extension of the federal Terrorism Risk Insurance Program introduced today in the U.S. Senate, but expressed concerns with a change to the program in the legislation... Read more

Pennsylvania: Senate Resolution Urging Re-Authorization of TRIA Passes Committee

April 9, 2014 At the behest of the property/casualty industry, Sen. Don White has introduced SB 340 , a resolution urging Congress to reauthorize the Terrorism Risk Insurance Program. The measure was reported out of committee April 9 and will move to the Senate floor... Read more

Florida: Brisk Session Pace Continues in Week Four

March 31, 2014 Florida legislative committees and subcommittees are beginning to wind down as the session nears its halfway point. After a break during the week of April 14, members will return for a frenzied final two weeks before adjourning May 2. The Fair Claim Set... Read more

TRIA Supporters Gear Up to Overcome Staunch Conservative Opposition

March 31, 2014 As the expiration of the Terrorism Risk Insurance Program draws closer, supporters of a renewal are preparing for a tough fight. Conservative lawmakers in Washington concerned about government involvement in private markets and taxpayer exposure remain ... Read more

TRIA Reauthorization Heads Up Banking, Financial Services Agenda for Remainder of Congress

March 24, 2014 The current Terrorism Risk Insurance Program is set to expire in December and reauthorization legislation has been a top priority for the property/casualty insurance industry in the 113th Congress. More than half of Congress was not in office during the... Read more

Alabama: Governor Signs TRIA Reauthorization Resolution

March 19, 2014 Gov. Robert Bentley signed a legislative resolution on March 13 to urge Congress to reauthorize the TRIA program. State Rep. Greg Wren, who is also president of the National Conference of Insurance Legislators, introduced the resolution in the General A... Read more

White House Unveils FY2015 Budget Proposal

March 10, 2014 The Obama administration released its budget proposal for fiscal year 2015 on March 4. While the document is largely advisory, as Congress sets the actual budget and spending levels for the federal government, it provides a glimpse of how the administra... Read more

NAMIC Calls on Senate for Swift Extension of Terrorism Risk Insurance Program

February 25, 2014 The federal Terrorism Risk Insurance Program has been an unqualified success in protecting the economy and fostering economic growth at virtually no cost to the taxpayers and should be swiftly renewed, the National Association of Mutual Insurance Compan... Read more

NAMIC Testifies Before Senate Banking Committee on TRIA Reauthorization

February 24, 2014 As we reported on Feb. 19, Warren Heck, president and chairman of the board of Greater New York Insurance Companies, will be in Washington, D.C., Feb. 25 to testify before Congress on behalf of NAMIC. The hearing, titled “Reauthorizing TRIA: The State o... Read more

NAMIC to Testify Before Senate Banking Committee on Terrorism Risk Insurance Program

February 19, 2014 NAMIC has again been invited to testify before Congress, this time at a hearing on the reauthorization of the Terrorism Risk Insurance Program being held by the Senate Committee on Banking, Housing and Urban Affairs. The hearing, entitled “Reauthorizing... Read more

South Dakota: NAMIC-Supported TRIA Resolution Overwhelmingly Adopted by House

February 17, 2014 NAMIC-supported HCR 1019 , which urges Congress to pass the critically important extension of the Terrorism Risk Insurance Act, was adopted Feb. 13 on a 64-3 vote by the South Dakota House of Representatives. Mark Johnston State Affairs Director, Midwes... Read more

NAMIC Supports California Legislative Resolution Urging Extension of Terrorism Risk Insurance Program

February 17, 2014 NAMIC will be assisting its member companies and other interested stakeholders in their support of Assembly Joint Resolution 34 sponsored by Assembly Member Ken Cooley. AJR 34 “urges the President and Congress of the United States to take action as soon... Read more

Progress Amid Politics on Tap for 2014 in Washington

February 12, 2014 As in state advocacy, NAMIC takes its cues for its federal agenda from a member-driven committee. Federal Affairs Committee members recently completed their planning session and have identified for NAMIC action a number of important issues facing our in... Read more

Missouri: NAMIC Urges State Lawmakers to Endorse TRIA Extension

February 11, 2014 NAMIC provided testimony to a Missouri Senate committee on Feb. 11 calling on legislators to endorse a resolution urging Congress to pass the much-needed extension of the Terrorism Risk Insurance Act. The letter is part of a NAMIC effort to garner suppo... Read more

NAMIC Pushing for Early Action on TRIA Reauthorization in 2014

January 13, 2014 The early reauthorization of the Terrorism Risk Insurance Program remains one of NAMIC’s top federal legislative priorities in 2014. Coordinated joint industry efforts have already begun to put pressure on the House Financial Services Committee and Sena... Read more

Debate Over TRIA Reauthorization Continues in Washington

November 25, 2013 The debate in Washington, D.C., over the reauthorization of the Terrorism Risk Insurance Program has continued throughout November in various venues. The National Journal, a premier Washington political media outlet, hosted an event Nov. 19 titled “TRIA... Read more

NAMIC: TRIA Program Remains Vital to U.S. Economy

November 13, 2013 Adequate insurance coverage for major terrorist attacks would not be available without a loss control program administered by the federal government, the National Association of Mutual Insurance Companies said today. “Mutual insurance companies have an ... Read more

House Financial Services Subcommittee to Tackle Several Key Insurance Issues in November

November 4, 2013 As the end of the first session of the 113th Congress draws near, the House Financial Services Subcommittee on Housing and Insurance has signaled its intention to address two key insurance issues this month. The first is the reauthorization of the Terro... Read more

Federal Government Returns to Work Amid Adjusted Expectations for Remainder of Year

October 21, 2013 Washington reached a short-term deal last week to both reopen and fund the federal government through December and to raise the debt ceiling through the first week of February. With the government shutdown for almost three full weeks, the congressional ... Read more

NAMIC Advocacy Continues as Government Shutdown Enters Second Week

October 7, 2013 Entering its second week, the government shutdown has affected hundreds of thousands of federal government employees in agencies across the country, as well as operations on Capitol Hill. At the heart of the debate over funding the government is a fight... Read more

September Sees Movement in TRIA Reauthorization Debate

September 30, 2013 The month of September saw both the House and the Senate hold the first hearings on the reauthorization of the Terrorism Risk Insurance Program. As we reported , the House Financial Services Committee went first on Sept. 19 with the first full committee... Read more

NAMIC Calls for Swift Reauthorization of TRIA Program to Help Protect Economy

September 24, 2013 The loss management plan created under the Terrorism Risk Insurance Act remains a vital part of our national economic security and Congress should act swiftly to reauthorize the program, the National Association of Mutual Insurance Companies said today.... Read more

House and Senate Hold Back-to-Back Hearings on Terrorism Risk Insurance Program

September 23, 2013 As we reported last week , the House Financial Services Committee held a hearing Sept. 19, entitled "The Terrorism Risk Insurance Act of 2002." It was the first congressional hearing of the 113th Congress and the first full committee hearing on the topi... Read more

NAMIC: TRIA Remains Vital to National, Economic Security

September 19, 2013 The National Association of Mutual Insurance Companies called on lawmakers today to swiftly reauthorize the Terrorism Risk Insurance Act, in advance of a hearing on the issue by the House Financial Services Committee. “For over a decade, the risk-sharin... Read more

House Committee Holds Hearing on Terrorism Risk Insurance Program

September 16, 2013 The full House Financial Services Committee will be holding a hearing Sept. 19 at 10 a.m. EDT titled “The Terrorism Risk Insurance Act of 2002.” The TRIA program is set to expire at the end of December 2014, and this is the first hearing that is being h... Read more

FACI to Meet Sept. 18

September 16, 2013 The Federal Advisory Committee on Insurance will be holding its next public meeting at 1:30 p.m. on Sept. 18 at the Treasury Department. Made up of 15 members, the FACI provides advice and recommendations to the Federal Insurance Office and assists Dire... Read more

Busy Fall Ahead for Congress, NAMIC

September 9, 2013 Member of Congress officially returned to Washington, D.C., on Sept. 9 with a slew of issues on the docket requiring their attention. The number of items that need to be taken care of far outnumber the eight scheduled legislative days this month and the... Read more

No Pause for TRIA Authorization Debate in August

August 29, 2013 Although Congress is not in session during the five-week August recess, NAMIC has remained hard at work continuing the debate over the reauthorization of the Terrorism Risk Insurance Program. Before returning home at the beginning of August, and at the ... Read more

No Letup for Federal Priorities Leading Up to August Break

August 5, 2013 NAMIC’s federal legislative priorities continue to gain steam despite the slowed congressional calendar of August, with support for our major initiatives building as lawmakers return home to check in with constituents and work on local issues. Nearly 30... Read more

TRIA Reauthorization Gains Support in House

July 29, 2013 Support for an increase of the Terrorism Risk Insurance Act has increased markedly throughout the summer in the U.S. House of Representatives, where the extension bills that have been introduced have picked up 17 co-sponsors in the last 18 days. The thr... Read more

NCOIL Report: Legislators Adopt Resolution Calling for TRIA Reauthorization; Introduce Industry-Supported Litigation Lending Model

July 17, 2013 Sixty-three legislators from 32 states, including many first-time attendees as well as 150-plus insurance and business community representatives, met in Philadelphia July 11-14 for the summer meeting of the National Conference of Insurance Legislators. ... Read more

Boston Bombing Hearings Highlight Ever-Present Threat of Terrorism

July 8, 2013 Both the House and Senate Homeland Security Committees will be holding hearings regarding the nation’s response to the April bombing of the Boston Marathon. The aim of the two congressional panels is to consider how well the various agencies and organiz... Read more

NAMIC Continues Building Support for TRIA Reauthorization

June 24, 2013 As temperatures rise in Washington, D.C., NAMIC has methodically continued to build support for a reauthorization of the Terrorism Risk Insurance Program. Last renewed in 2007, the program is set to expire in December 2014. The program was created as a ... Read more

NAMIC’s TRIA Task Force Meets Again as Another Bill to Reauthorize Program Introduced

May 28, 2013 Reps. Michael Capuano, D-Mass., and Peter King, R-N.Y., along with 19 other original co-sponsors, introduced legislation May 23 that would extend the program an additional 10 years, until December 31, 2024. The bill would make no changes to the program ... Read more

Ten-Year TRIA Extension Proposed in House of Representatives

May 23, 2013 Legislation to reauthorize the Terrorism Risk Insurance Act for ten years past the current Dec. 31, 2014 expiration date has been introduced in the House by Reps. Michael Capuano, D-Mass., a senior member of the House Financial Services Committee, and P... Read more

NAMIC: Long-Term TRIA Reauthorization Bill Vital for Economic Growth, Security

May 23, 2013 Swift passage of a 10-year Terrorism Risk Insurance Act Reauthorization bill introduced today will maintain America’s economic security and foster continued development in cities across the country while protecting the economy from terrorism, according ... Read more

New Legislation Reauthorizing Terrorism Risk Insurance Program Introduced in House

May 14, 2013 Reps. Bennie Thompson, D-Miss., and Sheila Jackson Lee, D-Texas, introduced H.R. 1945 on May 9 to reauthorize the Terrorism Risk Insurance Program for ten years. The bill would also move jurisdiction over the program in the House from the Financial Serv... Read more

TRIA Briefing Held on Capitol Hill

May 7, 2013 The Coalition to Insure Against Terrorism and Marsh & McLennan Companies hosted an educational briefing April 30 in Washington D.C., on the terrorism insurance marketplace and federal Terrorism Risk Insurance Program. The event was very well attende... Read more

A Sad Reminder on Terrorism

April 23, 2013 The last week has been a difficult one, encompassing the tragic explosion in Texas that took the lives of more than a dozen people – many of them very brave first responders – and injured hundreds; and the heartbreaking scenes we saw of the bombing duri... Read more

Neugebauer Requests Insurance Information From Fed, GAO

April 23, 2013 Rep. Randy Neugebauer, R-Texas, chairman of the U.S. House Financial Services Subcommittee on Insurance and Housing, sent two letters last week seeking more information on insurance matters. His letter to the Federal Reserve Board requests detailed info... Read more

NAMIC Engages Task Force on Top Priority: TRIA Reauthorization

April 16, 2013 When the Terrorism Risk Insurance Program was last reauthorized, in 2007, NAMIC engaged its members directly in the debate by forming the TRIA Task Force. The group was responsible for offering policy guidance on the ever-changing proposals that were on... Read more

TRIA Message Slowly Gaining Momentum

April 2, 2013 Two new Republicans – Reps. Steve Stivers of Ohio and Tom Latham of Iowa – recently signed on to the House bill, H.R. 508, sponsored by Rep. Michael Grimm, R-N.Y., to extend the Terrorism Risk Insurance Program by five years. Stivers and Latham are both... Read more

NAMIC Consults with Top House TRIA Sponsor on Next Steps

February 26, 2013 Two industry leaders from NAMIC’s Terrorism Risk Insurance Act Task Force met with Rep. Michael Grimm, R-N.Y., on Feb.19 in New York to discuss the continuing need for a risk-sharing program to foster a real terrorism insurance marketplace in the United... Read more

TRIA Extension Proposed in House of Representatives

February 5, 2013 The latest development in the effort towards reauthorization of the Terrorism Risk Insurance Act took place Tuesday, Feb. 5, with the introduction of the TRIA Reauthorization Act in the U.S. House of Representatives by Reps. Michael Grimm, R-N.Y., Carol... Read more

NAMIC Welcomes TRIA Reauthorization Bill

February 5, 2013 The National Association of Mutual Insurance Companies welcomed the introduction today of legislation to maintain the risk-sharing model established by the Terrorism Risk Insurance Act. Introduced by Reps. Michael Grimm, R-N.Y., Carolyn Maloney, D-N.Y.,... Read more

TRIA Extension Proposed in House of Representatives

February 5, 2013 Rep. Michael Grimm, R-N.Y., plans to introduce a bill to extend authorization for the Terrorism Risk Insurance Act for five years, until Dec. 31, 2019, with no substantive changes to the risk-sharing model between the government and insurers. Joining Gr... Read more

NAMIC Federal Affairs Committee to Set Priorities for 2013

February 5, 2013 NAMIC’s Federal Affairs Committee will convene Feb. 7 to discuss the association’s public policy priorities for 2013. The committee is chaired by Mike Puerner, vice president and general counsel of Hastings Mutual Insurance Company in Hastings, Mich., a... Read more

NAMIC Reassembles TRIA Task Force for Coming Reauthorization Debate

January 22, 2013 NAMIC reassembled its task force on the Terrorism Risk Insurance Act program for a conference call Jan. 11 to discuss the coming reauthorization debate that is sure to dominate much of the 113th Congress. The TRIA Task Force was first assembled to make ... Read more

NAMIC Broadens Outreach in Congress on Terrorism Insurance

October 9, 2012 NAMIC’s Federal Affairs team, joined by a diverse group of stakeholders supporting reauthorization of the Terrorism Risk Insurance Program, held a series of meetings with key congressional offices to lay the groundwork on this vital issue for the 113th ... Read more

NAMIC Public Policy Summit Videos Available on NAMIC Online

October 3, 2012 Links to full video recordings of the three panel discussions that took place during the 2012 NAMIC Public Policy Summit are now available on NAMIC Online. The summit was held on Sept. 12-13 in Washington, D.C. The online video recordings, available her... Read more

Rhode Island: Supreme Court Agrees With NAMIC Position on UM Coverage

September 11, 2012 The Rhode Island Supreme Court recently ruled that an “owned but not insured” exclusion was not ambiguous and therefore precluded coverage for uninsured motorists coverage, thereby agreeing with arguments asserted by NAMIC in an amicus brief filed with ... Read more

NAMIC to Testify Before House Panel on Terrorism Risk Insurance

September 11, 2012 NAMIC was back on Capitol Hill to testify at a congressional hearing for the fourth time in less than two months. On the anniversary of the Sept. 11 terrorist attacks, the House Financial Services Subcommittee on Insurance, Housing and Community Opportu... Read more

NAMIC: TRIA Protects Taxpayers from Terrorism Losses

September 11, 2012 WASHINGTON (Sept. 11, 2012) The program created under the Terrorism Risk Insurance Act has fostered private sector participation in the terrorism risk insurance marketplace and reduced the potential expense for the federal government, said the National ... Read more

NAMIC to Testify Before House Panel on Terrorism Risk Insurance

September 10, 2012 NAMIC Board Member Darwin Copeman, president and CEO of Jewelers Mutual Insurance Company, will be testifying on behalf of NAMIC tomorrow, Sept. 11, at 10:00 a.m. EDT, at a hearing entitled, "TRIA at Ten Years: The Future of the Terrorism Risk Insurance... Read more

Terrorism Risks

September 13, 2011 This past Sunday marked 10 years since the terrorist attacks of September 11, 2001. I was in the office that day. NAMIC’s then-president Larry Forrester was at a meeting of the Wisconsin Association of Mutual Insurance Companies, where I was yesterday. ... Read more

GAO Report on TRIA: The Market is Working

July 15, 2008 An interim government report on terrorism insurance issued last week contains basically good news: commercial property terrorism insurance coverage is available nationwide at reasonable rates. However, the Government Accountability Office report indicat... Read more

NAMIC Meets with GAO on Government’s New Terrorism Insurance Backstop

April 1, 2008 NAMIC representatives met with the Government Accountability Office March 28 to discuss the GAO's studies regarding terrorism insurance for nuclear, biological, chemical, and radiological risks, as well as terrorism insurance availability and affordabil... Read more

U.S. Treasury Clarifies Guidance on New TRIA Legislation

February 5, 2008 Insurers with questions about implementing the government's renewed terrorism insurance backstop program have a new tool to help, as the Treasury Department released the newest interim guidance. The updated document specifically addresses changes to man... Read more

U.S. Treasury Issues Interim Guidance on TRIA

January 15, 2008 The U.S. Treasury Department issued interim guidance on Dec. 31concerning the Terrorism Risk Insurance Reauthorization Act of 2007. The notice provides interim guidelines to insurers, policyholders, state insurance regulators, and the public concerning ... Read more

President Signs TRIA

January 8, 2008 The federal government’s backstop on terrorism risk insurance has been continued through 2014. With only five days before the former program was due to expire, President Bush signed H.R. 2761 – the Terrorism Risk Insurance Program Reauthorization Act of... Read more

NAMIC Commends Congress on Passage of TRIA Legislation

December 18, 2007 WASHINGTON (Dec. 18, 2007) – The National Association of Mutual Insurance Companies (NAMIC) today issued the following statement in response to final congressional approval of H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007. T... Read more

Rep. Frank Threatens to Delay New TRIA Legislation

November 6, 2007 Rep. Barney Frank, D-Mass., last week suggested he would seek a 120-day extension of the current federal terrorism risk insurance backstop that expires at year’s end if the Senate insists on its narrower reauthorization of the program. The chairman of t... Read more

NAMIC Praises Latest Terrorism Insurance Legislation

October 23, 2007 The Senate Banking Committee marked up and passed legislation last week to extend the government’s terrorism insurance backstop program for seven years, without the nuclear, biological, chemical, and radiological mandate included in the House version. T... Read more

NAMIC Praises Senate Terrorism Insurance Legislation

October 17, 2007 WASHINGTON (Oct. 17, 2007) – The National Association of Mutual Insurance Companies (NAMIC) issued the following statement in response to the Senate Banking Committee’s approval of legislation to extend the government’s terrorism insurance backstop prog... Read more

Handycapping Federal Legislative Issues

October 16, 2007 Handycapping Federal Legislative Issues It has been said that “No man’s life, liberty or property is safe while the legislature is in session.” This statement has been credited to several different sources, including Mark Twain, Will Rogers, and Judge G... Read more

Taxpayers, Policyholders Benefit from Terrorism Risk Insurance Program

October 10, 2007 Taxpayers save money and businesses are better protected with the Terrorism Risk Insurance Act (TRIA) in place than if the act is allowed to expire, according to a RAND Corporation study issued Oct. 10. The analysis found that TRIA, authorized by Congre... Read more

TRIEA Expiration Date Draws NAMIC Members to Capitol Hill

October 9, 2007 With the government’s terrorism risk insurance backstop program slated to expire in less than 12 weeks, NAMIC members blanketed Capitol Hill to air concerns for medium- and smaller-sized insurance companies. In addition to a scheduled visit by South Car... Read more

Congressional Action Heating Up

October 9, 2007 With less than three months remaining in 2007, activity in Washington, D.C., is heating up, and several NAMIC members made trips to Washington last week to take NAMIC’s messages directly to members of Congress. Board Chairman John A. Bykowski testified ... Read more

TRIA Legislation Passes House

September 25, 2007 The House of Representatives passed bi-partisan legislation extending the terrorism insurance backstop for 15 years in a 312-110 vote last week. While NAMIC supports most of what is written into the bill, the association still has some issues with the l... Read more

NAMIC Applauds House Passage of TRIA Legislation, Urges Swift Senate Action

September 19, 2007 WASHINGTON (Sept. 19, 2007) – Bipartisan legislation to extend the terrorism insurance backstop for 15 years is a good first step on this important issue, said the National Association of Mutual Insurance Companies. The measure, H.R. 2761, passed the U.... Read more

Insurers, Policymakers Continue to Deal with Potential Economic Fallout of Terrorism

September 13, 2007 Six years after Sept. 11, 2001, the threat of terrorist attack remains a source of tremendous uncertainty for the United States economy, with potentially negative consequences for both business interests and employment, according to the Insurance Inform... Read more

House Postpones Vote on TRIA Bill

September 11, 2007 Due to the tragic death of Rep. Paul Gillmor, R-Ohio, the House of Representative has postponed its vote on the latest extension to the terrorism insurance backstop legislation. Gillmor, a member of the House Financial Services Committee, supportive of ... Read more

NAMIC: D.C. Office Gears Up for 2nd Half of 2007

August 28, 2007 With the August recess nearly over, members of Congress are heading back to Capitol Hill and making plans for hearings and/or bill markups on legislation important to the property/casualty insurance industry. TRIA – Following passage of legislation to e... Read more

NAMIC Takes Stock of Issues Facing Property/Casualty Industry During August Recess

August 14, 2007 Members of Congress are taking a breather this month – allowing NAMIC’s Washington, D.C., staff to regroup and gear up for the remainder of the 2007 legislative season on Capitol Hill. Here’s a look at some of our major issues in terms of where we’ve be... Read more

TRIA: Essential Legislation Advances As NAMIC Works to Improve Bill

August 1, 2007 WASHINGTON (Aug 1, 2007) – The latest version of a federal terrorism backstop approved by the House Financial Services Committee goes a considerable distance toward helping smaller insurance companies offer terrorism coverage, according to the National ... Read more

NAMIC: Association Commends House Subcommittee Action on Terrorism Legislation

July 31, 2007 The House Financial Services' Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises reported an amended version of the Terrorism Risk Insurance Revision and Extension Act of 2007 last Tuesday to the Financial Services Committe... Read more

NAMIC Encouraged by House Subcommittee Action on Terrorism Legislation

July 24, 2007 WASHINGTON (July 24, 2007) - The National Association of Mutual Insurance Companies (NAMIC) issued the following statement after the House Financial Services' Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises reported an a... Read more

NAMIC: NBCR, Farmowners Multi-peril Language Mar TRIA Proposal

July 17, 2007 NAMIC expects the House Financial Services Committee to markup the TRIA proposal, H.R. 2761, during the week of July 23, with a full House vote sometime in September. The proposal before Congress would extend the Terrorism Risk Insurance Act for 10 year... Read more

NAMIC: Warren Heck Testifies to Remove NBCR Provisions from TRIA Proposal

June 26, 2007 Warren Heck, chairman/CEO of the Greater New York Mutual Insurance Company and NAMIC member, testified last week before a House subcommittee on the importance of removing a make-available mandate from a proposal to extend the Terrorism Risk Insurance Ac... Read more

NAMIC, PCI to Congress: Adopt Long-term TRIA Program Without NBCR

June 21, 2007 WASHINGTON (June 21, 2007) — A proposal to extend the government’s involvement in terrorism insurance fits the bill – almost. That’s the message delivered to members of Congress by a representative for trade associations representing some 2,500 insuranc... Read more

NAMIC Urges Lawmakers to Remove NBCR Coverage from TRIA Extension Draft

June 19, 2007 WASHINGTON (June 19, 2007) — The National Association of Mutual Insurance Companies (NAMIC) today commended the bill that was released to extend the Terrorism Risk Insurance Act. Although NAMIC supports many provisions in the legislation, the most troub... Read more

NAMIC Members Meet With Sen. Dodd’s Office on TRIA

June 12, 2007 NAMIC members were again on Capitol Hill last week, explaining why the Terrorism Risk Insurance Act needs to be extended for the long term and how to make it more realistic for small- and medium-sized insurers to participate. NAMIC board member Judy Jac... Read more

New York: Insurers, State Reach World Trade Center Settlement

June 6, 2007 Governor Eliot Spitzer and State Insurance Superintendent Eric R. Dinallo announced May 23 that Silverstein Properties and seven insurance companies have reached a $2 billion settlement of all outstanding insurance claims arising from the destruction of... Read more

Trade Associations Appeal to Congressional Leaders to Keep Mandatory NBCR Coverage Out of TRIA Extension Proposal

May 24, 2007 WASHINGTON (May 24, 2007) — Private insurers should not be required to offer coverage for terrorism attacks generated by nuclear, biological, chemical and radiological weapons of mass destruction, industry trade groups told congressional leaders today. ... Read more

NAMIC Member Alert: NBCR and TRIA

May 23, 2007 NAMIC has joined with PCI in urging congressional leaders to keep mandatory NBCR coverage out of legislation to extend the Terrorism Risk Insurance Act. In a letter being delivered to Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., NAMIC and P... Read more

Report: Emerging Risks Impeding Business Development; Leaders Lack Understanding of Real Risks

May 15, 2007 Increased concerns at board level regarding terrorism and political violence risk is causing businesses to avoid investing in politically sensitive areas or locating offices in large cities, according to Lloyd’s. A new report, ‘Under Attack: Global busi... Read more

NAMIC: Not So Fast on TRIA Changes

May 8, 2007 NAMIC was joined by the Property Casualty Insurers Association of America to help prevent what could have been a major sticking point in efforts to include small- and medium-sized insurers in a federal terrorism backstop. Both organizations sent a lette... Read more

Congressional Panel Explores TRIA Extension Issues

May 1, 2007 By all accounts, federal lawmakers seem in sync with the idea of extending the Terrorism Risk Insurance Act beyond its December 2007 expiration date. In fact, those speaking at recent Congressional hearings seem to agree that a longer-term plan —of at l... Read more

NAMIC Implores Congress to Extend TRIA, Assure Participation by Smaller Insurers

April 24, 2007 WASHINGTON (April 24, 2007) — The National Association of Mutual Insurance Companies (NAMIC) issued the following statement in advance of the House Financial Services’ Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises hear... Read more

NAMIC Urges House Committee to Extend TRIA

April 19, 2007 WASHINGTON (April 19, 2007) — The National Association of Mutual Insurance Companies (NAMIC) applauds the House Financial Services’ Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises for its decision to consider testimony o... Read more

NAMIC: Association Affirms Commitment to TRIA Solution; Sends Letter to Congressional Members

April 10, 2007 On March 30, NAMIC sent a letter affirming its commitment in finding a long-term solution to the terrorism risk insurance problem to Chairman Barney Frank and members of the House Financial Services Committee and the Senate Banking Committee as well as ... Read more

NAMIC Takes TRIA Message to the Heart of Ground Zero

March 6, 2007 Warren Heck, CEO of the Greater New York Mutual Insurance Company and chairman of NAMIC's TRIA taskforce, testified yesterday before the House Committee on Financial Services’ Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterpri... Read more

NAMIC Takes TRIA Message to the Heart of Ground Zero

March 2, 2007 WASHINGTON (March 2, 2007) — Business owners across the country could find themselves in dire straits if the Terrorism Risk Insurance Act is allowed to expire this year. That’s the message an insurance industry executive and representative for the Natio... Read more

NAMIC Announces Its 2007 Federal Affairs Issues Agenda

February 20, 2007 NAMIC has laid out an aggressive agenda of federal issues to target in 2007. While many important topics are a concern for property/casualty insurers — especially mutual companies — NAMIC has identified the following as those that pose the largest threa... Read more

Data Security, Terrorism Top List of Executive Worries, According to a Harris Interactive Online Survey

December 22, 2006 Topping the list of crisis situations that worry corporate executives is compromise of corporate information systems, cited by 61 percent as a major worry or one of their top worries. Terrorism (55 percent) and corporate malfeasance (40 percent) round o... Read more

110th Congress - Outlook - Democrat Takeover

November 8, 2006 Confidential The attached comprehensive state and federal analysis of the election's meaning for our issues is provided for our reference. Please contact SVP -Federal Affairs Carl Parks , VP - State and Regulatory Affairs Neil Alldredge or VP - Public P... Read more

NAMIC-Member Representatives Testify on Terrorism Risk Insurance Program

October 9, 2006 Warren G. Heck, CPCU, chairman/CEO of Greater New York Mutual Insurance Company, and Edmund F. Kelly, chairman, president, and CEO of Liberty Mutual Group, testified Sept. 27 before the joint subcommittee hearing "Protecting Americans From Catastrophic ... Read more

U.S. Treasury Department Releases TRIA Report

October 9, 2006 Last week, the U.S. Treasury Department released the President's Working Group report on terrorism insurance, which found that the Terrorism Risk Insurance Act and its extension—TRIEA—stabilized the insurance industry after the Sept. 11 attacks. However... Read more

NAMIC Issues Statement in Response to Terrorism Risk Insurance Report Issued by the President’s Working Group on Financial Markets

October 3, 2006 WASHINGTON (Oct. 3, 2006) – The National Association of Mutual Insurance Companies (NAMIC) today issued the following statement in response to the release of the Terrorism Risk Insurance Report of the President’s Working Group on Financial Markets. The ... Read more

President’s Working Group on Financial Markets Releases Terrorism Risk Insurance Report

October 2, 2006 The President's Working Group on Financial Markets published its report on terrorism risk insurance on Monday, Oct. 2. Treasury Secretary Henry M. Paulson, Jr. also sent a transmittal letter to Senate Banking Committee Chairman Richard Shelby, Ranking M... Read more

NAMIC Representative Testifies Before House Subcommittees on Protecting Americans From Catastrophic Terrorism Risk

September 27, 2006 WASHINGTON (Sept. 27, 2006)—Congress needs to adopt a long-term private/public terrorism risk insurance program, said a National Association of Mutual Insurance Companies (NAMIC) witness in testimony before two House Financial Services Subcommittees tod... Read more

Nearly 60 Percent of Large and Mid-Sized U.S. Businesses Purchased Terrorism Insurance in 2005

August 29, 2006 Nearly six in ten large and mid-sized U.S. businesses obtained insurance to cover property terrorism risks during 2005, a dramatic increase from the 2003 average of 27 percent and up from 50 percent in 2004. Meanwhile, the cost of property terrorism ins... Read more

NAMIC Speaks Before Treasury Department’s President’s Working Group - Outlines NAMIC TRIA Statements of Principles

July 25, 2006 WASHINGTON (July 25, 2006)—The National Association of Mutual Insurance Companies (NAMIC) spoke last Friday before the Presidential Working Group on Financial Services (President’s Working Group) at the Department of Treasury to come up with a long term... Read more

TRIA: Treasury Department Releases Interim Final Rule

May 15, 2006 Last Thursday, the Treasury Department released its interim final rule on the TRIA Extension Act implementation effective as of May 11, 2006. The comment period will expire on June 12, 2006. NAMIC lobbied for farm mutual insurance company relief in the ... Read more

Actuaries Submit Terrorism Risk Analysis to President’s Working Group

May 1, 2006 The American Academy of Actuaries, in response to questions posed by the President’s Working Group on Financial Markets, has submitted its Terrorism Risk Insurance Analysis, which concludes that a national framework for terrorism risk is necessary if te... Read more

Pennsylvania: Senate Passes Terrorism Exclusion

April 17, 2006 The Pennsylvania Senate last week unanimously passed an amended version of SB 1007 creating a terrorism exclusion in commercial fire policies. The bill was amended in the Appropriations Committee so that the terrorism exclusion only applies to foreign a... Read more

Actuaries Disclose Potential Terrorism Costs

April 3, 2006 Terrorist Attacks Could Total $778 Billion in New York City, $197 Billion in Washington, $171 Billion in San Francisco, and $42 Billion in Des Moines The American Academy of Actuaries disclosed on Wednesday, March 29 that a future large terrorist attack... Read more

NAMIC Calls For Federal Terrorism Backstop With Broad Insurer Risk Sharing

March 29, 2006 INDIANAPOLIS (March 29, 2006)— A long-term solution for managing terrorism risk must include a permanent role for the federal government and be structured to encourage broad participation by small and medium sized companies, a spokesperson for the Natio... Read more

President’s Working Group on Financial Markets Seeks Comments on Long-Term Availability and Affordability of Terrorism Risk Insurance

March 1, 2006 The Treasury Department, as chair of the President's Working Group on Financial Markets, is submitting for publication a Notice in the Federal Register on Feb. 28 seeking comments on the long-term availability and affordability of terrorism risk insuran... Read more

NAIC: Updated TRIA Disclosure Forms

February 6, 2006 The NAIC's Terrorism Insurance Implementation Working Group met by conference call on Jan. 26 and adopted updated policyholder disclosure forms for use by insurers. The forms, updated versions of the disclosure documents first developed by the NAIC foll... Read more

NAIC, States and Treasury Department Address TRIA Extension

January 9, 2006 On Dec. 28, the NAIC’s Terrorism Insurance Implementation Working Group adopted a model bulletin intended to assist state regulators and insurance companies in implementing the provisions of the recently enacted Terrorism Risk Insurance Act (TRIA) exten... Read more

Treasury Department Announces Interim Guidance on Terrorism Risk Insurance Extension Act of 2005

January 3, 2006 The Treasury Department has issued interim guidance to assist the insurance industry in meeting new requirements for the Terrorism Risk Insurance Program. On Dec. 22, 2005, President Bush signed into law the Terrorism Risk Insurance Extension Act of 200... Read more

NAMIC Extols House/Senate Extension of TRIA

December 17, 2005 Bill Now on its Way to President WASHINGTON, D.C. (Dec. 17, 2005) – Tonight, the National Association of Mutual Insurance Companies (NAMIC) congratulated the House of Representatives for passing the TRIA extension. “NAMIC is gratified that the extension... Read more

NAMIC Commends Senate Passage of TRIA

December 16, 2005 House Expected to Take Action Before Congress Wraps Up for Year WASHINGTON, D.C. (Dec. 19, 2005) – The National Association of Mutual Insurance Companies (NAMIC) commends the House and Senate for reaching a compromise Friday on TRIA, leading the Senate ... Read more

House of Representatives Passes TRIA Extension Bill

December 7, 2005 WASHINGTON (Dec. 7, 2005)—Today, legislation extending for two years the 2002 Terrorism Risk Insurance Act, or TRIA (PL 107-297) was placed on the suspension calendar and brought to the floor of the House of Representatives where it passed by a 371-49 m... Read more

House Floor Vote on TRIA Expected This Week

December 5, 2005 The House returned today from its Thanksgiving recess. As NAMIC reported late last week, the House Judiciary Committee requested and received a sequential referral of H.R. 4314 in order to consider a tort reform amendment to bar punitive damages in laws... Read more

Consideration of Terrorism Risk Insurance Extension Delayed

December 2, 2005 On Thursday, Dec. 1, the House Parliamentarian granted the House Judiciary Committee a referral of H.R. 4314 as requested by Judiciary Committee Chairman Jim Sensenbrenner, R-Wis. This procedural development will delay the consideration of H.R. 4314 by ... Read more

Senate Passes Terrorism Extension

November 18, 2005 The full Senate passed its version of the Terrorism Risk Insurance Extension Act of 2005 (S. 467) by a voice vote without amendment. The Act is a two-year program to replace the Terrorism Risk Insurance Act of 2002 which will expire on Dec. 31, 2005. Th... Read more

Senate Banking, House Financial Services Committees Approve TRIA Extension Legislation

November 16, 2005 The Senate Banking Committee and House Financial Services Committee marked up legislation on Wednesday to extend the Terrorism Risk Insurance Act (TRIA) for two years. NAMIC. The Senate Banking Committee reported out S. 467 by a voice vote. Later in the... Read more

Terrorism Risk Insurance Extension Act Passes Out of Senate

November 16, 2005 The Senate Banking Committee passed the TRIA bill by a voice vote without any amendments Wednesday morning. According to NAMIC's Senior Vice President - Federal Affairs David Winston , "NAMIC supports S. 467, the ‘Terrorism Risk Insurance Extension Act ... Read more

Senate Banking, House Financial Services Committees Approve TRIA Extension Legislation

November 16, 2005 WASHINGTON (Nov. 16, 2005)—The Senate Banking Committee and House Financial Services Committee marked up legislation today to extend the Terrorism Risk Insurance Act (TRIA) for two years. TRIA was enacted into law (PL 107-297) after the September 11 ter... Read more

TRIA Extension Legislation Introduced in House; NAMIC Provides Summary of Key Provisions

November 15, 2005 Capital Markets Subcommittee Chairman Richard H. Baker, R-La., introduced legislation on Monday that is a two-year extension of the Terrorism Risk Insurance Act (TRIA) while narrowing the program in anticipation of its being phased out. The Terrorism Ri... Read more

Breaking News: Chairman Baker Reveals TRIA Extension Proposal

November 11, 2005 Extension: Minimum 2-year extension Deductibles: Workers' compensation: 17.5% + 2.5% / year Property: 20% + 2.5% / year Group Life 20% + 2.5% / year (to be added during mark-up) Casualty: 25% + 5% / year Casualty: 7.5% +.75% / year NBCR: Insurers would ... Read more

U.S. Rep. Oxley to End 25 Years of Service in Congress at the End of 2006; NAMIC Comments

November 1, 2005 U.S. Representative Michael G. Oxley, R-Ohio, announced on Tuesday that will retire from Congress at the end of his current term, completing 25 years of service in Congress and a total of 33 years in elected office. Oxley was serving in the Ohio General... Read more

NAMIC Pushes for TRIA Extension

October 28, 2005 On Friday, NAMIC’s Senior Vice President of Federal Affairs David Winston sent a letter to Senate Banking Committee Chairman Richard Shelby and Ranking Democrat Paul Sarbanes urging them to support of an extension of the Terrorism Risk Insurance Act “wi... Read more

RAND Study Says Terrorism Risk Insurance Act Effective at Sharing Financial Risk

October 26, 2005 A RAND Corporation report issued on Tuesday, oct. 25, says the Terrorism Risk Insurance Act (TRIA), which will expire in December unless extended by Congress, creates an effective mechanism for sharing the financial risk that businesses face from terror... Read more

You Deserve Better Government!

October 17, 2005 You Deserve Better Government! Years ago, former Senator Russell Long (D-Louisiana), past chairman of the powerful Senate Finance Committee and son of Governor Huey Long said: “Everyone deserves good government; some people deserve better government.” W... Read more

RMS Model Shows Increased Risk of Extreme Terrorism Losses in the United States; NAMIC Comments

September 23, 2005 TRIA Extension Required for Ongoing Viability of a Terrorism Insurance Market An updated analysis released on Thursday by Risk Management Solutions (RMS) on the U.S. Terrorism Risk Model, which incorporates the latest and most comprehensive expert views... Read more

Wharton Study Supports Short-Term Renewal of TRIA; Makes Long-Term Recommendations

August 12, 2005 A report issued on Thursday by the Risk Management and Decision Processes Center at the Wharton School of the University of Pennsylvania provides new evidence supporting short-term continuation but modification of the existing national terrorism insuran... Read more

Terrorism Reinsurance Backstop is Necessary

July 27, 2005 NAMIC tells House Subcommittee that Extension of Federal Terrorism Reinsurance Backstop is Necessary WASHINGTON (July 27, 2005)—Warren Heck, CPCU, chairman and CEO of Greater New York Mutual Insurance Company in New York, N.Y., testified today before th... Read more

House Committee on Financial Services to Evaluate the Future of Terrorism Insurance

July 26, 2005 The Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, chaired by Rep. Richard H. Baker, R-La., will hold a hearing entitled The Future of Terrorism Insurance, at 10 a.m. on Wednesday, July 27, in room 2128 Rayburn House O... Read more

Treasury Secretary Testifies on Terrorism Risk Reinsurance Program

July 13, 2005 On Wednesday, July 13, Treasury Secretary John W. Snow testified before the U.S. House of Representatives Committee on Financial Services regarding the Treasury Department's report on the Terrorism Risk Insurance Act (TRIA), released on Thursday, June 3... Read more

Attacks Stoke U.S. Debate About Who Covers Losses From Terror Attacks

July 8, 2005 The bombings in London Thursday came in the midst of a debate in the United States about whether to extend a post-Sept. 11 federal program that provides a financial safety net for the insurance industry against devastating terror-related losses. The Ter... Read more

Report Warns of Continuing Shortfalls in Insurance Coverage Against Terrorism; NAMIC Comments

July 5, 2005 Nearly four years after the Sept. 11 terrorist acts that hit the United States - the most costly disaster ever for the insurance industry - conditions on terrorism insurance markets have improved. Yet according to a new report published by the Organisat... Read more

Hill Reactions to Treasury’s TRIA Report Pour In

July 1, 2005 Following the release of Treasury's report and recommendations on the Terrorism Risk Insurance Act of 2002 (TRIA), senators and representatives responded with mixed reactions. Of the response, NAMIC Senior Vice President of Federal Affairs David Winston... Read more

Rep. Oxley Statement on Treasury TRIA Report

July 1, 2005 On Thursday, House Financial Services Committee Chairman Michael G. Oxley, R-Ohio, released the following statement about the U.S. Department of the Treasury’s study of the Terrorism Risk Insurance Act: “I applaud the Treasury Department and the Adminis... Read more

DeLay Commends Treasury on TRIA Report; House Will Review Treasury’s Recommendations

July 1, 2005 On Thursday, House Majority Leader Tom DeLay, R-Texas, commended the Treasury Department for completing its review of the Terrorism Risk Insurance Act (TRIA) and submitting its recommendation that TRIA not be extended in its current form. The Treasury D... Read more

Sen. Clinton Disappointed with Treasury’s TRIA Recommendations

July 1, 2005 Statement by Senator Hillary Rodham Clinton on the Treasury Department's Recommendation to end the Terrorism Risk Insurance Program I am deeply disappointed with the findings contained in the Treasury Department's report regarding the Terrorism Risk Ins... Read more

Sen. Schumer Blasts Treasury Report on TRIA as Slanted

July 1, 2005 Senator: TRIA Report is Off Base from Start to Finish Schumer: Treasury Missed the Boat on TRIA Report – Anti-Government Ideology Gets in Way of Look at the Facts on the Ground Terrorism Risk Insurance Coverage Will Cost New York and Other Cities Millio... Read more

Treasury TRIA Report Unduly Sanguine about Private Market’s Ability to Provide Terrorism Insurance

June 30, 2005 Conclusion Not Consistent with Report’s Own Data and Analysis INDIANAPOLIS (June 30, 2005)—“Overall, our assessment is that the immediate effect of the removal of the TRIA subsidy is likely to be less terrorism insurance written by insurers, higher pric... Read more

NAMIC Responds to Wall Street Journal Editorial Calling for TRIA Expiration

June 28, 2005 Ordinarily we share the Journal's abiding faith in the ability of private markets to supply the goods and services that society needs. No industry appreciates and yearns for unfettered market capitalism more than America’s insurers, who in most states a... Read more

Insuring Against Certain Risks Requires Government Participation, Concludes NAMIC Report

June 21, 2005 Terrorism Risk is Prime Example INDIANAPOLIS (June 21, 2005)—Even in a robust private insurance market, certain types of “extreme” risk can only be insured with government assistance, according to a National Association of Mutual Insurance Companies (NA... Read more

Study Says U.S. Terrorism Insurance Falling Short

June 20, 2005 The terrorism insurance system in the United States is failing to provide businesses with adequate financial protection, leaving the nation vulnerable to economic disruption if there is a major terrorist attack, according to a RAND Corporation study iss... Read more

Oklahoma: Department Issues Bulletin on TRIA Exclusions for Commercial Auto

May 9, 2005 The Oklahoma Department of Insurance issued Bulletin No. PC 2005-05 on April 21, to clarify the department’s position regarding TRIA and Oklahoma’s compulsory commercial auto liability insurance law. The department suggests that all insurers should use ... Read more

Agriculture Still Remains a Vulnerable Industry

April 25, 2005 Experts say U.S. farms are more prone to a possible terrorist attack than ever before, and measures should be taken ahead of time to avert potential disasters. The terrorist attacks of 9/11 have only heightened concerns about agriculture’s vulnerability... Read more

NAMIC Submits Testimony at TRIA Hearing

April 14, 2005 On Thursday, April 14, the Senate Banking Committee held a hearing focused on the Terrorism Risk Insurance Program (TRIA). The attached statement was submitted by one of NAMIC's members who is a large workers compensation insurance provider, John T. Leo... Read more

GAO Issues Report on U.S. and European Approaches to Insure Natural Catastrophe and Terrorism Risks; NAMIC Comments

April 1, 2005 Natural catastrophes and terrorist attacks can place enormous financial demands on the insurance industry, result in sharply higher premiums and substantially reduced coverage, according to a report published recently by the Government Accountability Of... Read more

TRIA ‘Working Group’ Comments on TRIP Insurer Affiliation Proposed Rule

February 18, 2005 The attached document is in response to a notice of a proposed rule by the Department of the Treasury in connection with the Terrorism Risk Insurance Act of 2002 (“TRIA”). For the complete response, visit: TRIA Proposed Rule on Insurer Affiliations ... Read more

Massachusetts: Insurance Division Issues Bulletin on TRIA

January 21, 2005 The Massachusetts Division of Insurance released Bulletin 2004-10 regarding the questions surrounding the expiration of the Terrorism Risk Insurance Act of 2002 (TRIA) and exclusions related to acts of terrorism, in November. On Jan. 14, the Division is... Read more

Acts of Terrorism in the U.S. May Become Uninsurable if TRIA Not Renewed – NAMIC Comments

December 21, 2004 Terrorism is increasingly on the minds of people across the world, and according to Datamonitor, while the U.S. terrorism insurance market is functioning well at present, with more than 50 present of businesses covered for acts of terrorism, this might ... Read more

NAMIC Official Participates on Panel Discussion at SITA Conference

October 14, 2004 Earlier this week, the Insurance Information Institute, the Insurance Council of New Jersey, and the New York Insurance Association served as hosts for the 2004 Annual Conference of the State Insurance Trade Associations (SITA) in New York City. On Mond... Read more

NAMIC’s Post-Election Legislative Priority - Extension of TRIA

October 12, 2004 WASHINGTON (Oct. 12, 2004)––The Terrorism Risk Insurance Act’s (TRIA) hard end date of Dec. 31 poses a huge problem for commercial insurance policies taking effect on or after Jan.1, 2005, as the end of the typical one-year policy will extend beyond the... Read more

NAMIC Applauds Committee Passage of H.R. 4634, The Terrorism Insurance Backstop Extension Act

September 29, 2004 WASHINGTON (Sept. 29, 2004)—This morning, the House Financial Services Committee passed H.R. 4634, the Terrorism Insurance Backstop Extension Act. The bill will extend the Terrorism Risk Insurance Act (TRIA) for two years until Dec. 31, 2007. The commit... Read more

Oxley Receives NAMIC’s Inaugural Legislator of the Year Award

September 21, 2004 WASHINGTON (Sept. 21, 2004)--This afternoon, Charles M. Chamness, president of the National Association of Mutual Insurance Companies (NAMIC), presented the association's inaugural Legislator of the Year Award to House Financial Services Committee Chair... Read more

NAMIC Sponsors TRIA Study

September 15, 2004 On Tuesday, a recently completed study entitled “The Economic Effects of Federal Participation in Terrorism Risk” was released at a press conference attended by NAMIC and other industry trade associations at the National Press Club in Washington, D.C. T... Read more

New Study Shows Economic Effects of Extending TRIA; NAMIC Attends Press Conference

September 14, 2004 On Tuesday, a recently completed study entitled “The Economic Effects of Federal Participation in Terrorism Risk” was released at a press conference attended by NAMIC and other industry trade associations at the National Press Club in Washington, D.C. T... Read more

Kanjorski: New Study Demonstrates Need to Extend Federal Terrorism Insurance Backstop

September 14, 2004 Key Democrat on Insurance Issues Urges Prompt, Bipartisan Action Congressman Paul E. Kanjorski (D-Pa.) reacted to a study released today by several leading insurance industry associations on the need to extend the Terrorism Risk Insurance Act for two ye... Read more

New Study Shows Economic Effects of Extending TRIA

September 14, 2004 Washington, DC, September 14, 2004 – A two-year extension of the Terrorism Risk Insurance Act of 2002 (TRIA) would enhance U.S. economic performance in the near term, strengthen the nation’s overall economy, and allow time to evaluate alternative approa... Read more

Rep. Kelly Says Study Confirms Need for Two-Year TRIA Extension

September 14, 2004 U.S. Rep. Sue Kelly says a new study released today further confirms the need for Congress to pass legislation prior to adjournment of the 108th Congress to extend the federally backed Terrorism Risk Insurance program (TRIA) for two more years. Kelly jo... Read more

Sen. Reid Fights to Protect Nevada Jobs, Economy

September 14, 2004 New study shows economic effects of extending TRIA A new study by two respected economists today echoed Senator Harry Reid’s warning that Nevada’s economy will suffer unless the Terrorism Risk Insurance Act of 2002 (TRIA) is extended. TRIA, a successful... Read more

Extending Terrorism Risk Insurance

September 13, 2004 In response to the Sept. 11, 2001, terrorist attacks, the Terrorism Risk Insurance Act of 2002 (TRIA) created a mechanism under which the federal government would provide direct assistance to commercial insurers in the event of a terrorist attack. Feder... Read more

NAMIC TRIA Working Group Gets Started

September 9, 2004 The National Association of Mutual Insurance Companies (NAMIC) has established a new and vitally important working group chaired by Warren Heck, Greater New York Mutual Insurance Co., devoted to the issue of terrorism insurance that held its first meeti... Read more

NAMIC Official Testifies, Asks ALEC to Support TRIA Extension

September 2, 2004 Calling terrorism an “uninsurable social risk,” the legal and regulatory affairs director of NAMIC has encouraged the American Legislative Exchange Counsel (ALEC) to back an extension of the federal terrorism insurance program. Peter Bisbecos recently t... Read more

High Visibility Events Offer Opportunities for Terrorists – and Those Who Track Them

September 1, 2004 The United States election season is providing what risk modeling experts call a critical "laboratory" for better understanding of terrorism risk and -- in particular – how effective security measures can be in deterring terrorist attacks or deflecting ... Read more

Wisconsin: Insurance Department to Accept Limited Terrorism Exclusions

August 13, 2004 Commissioner of Insurance Jorge Gomez issued a Bulletin on August 12, announcing that, effective immediately, his office will approve certain conditional coverage limitations for acts of terrorism. Broad total exclusions of coverage for acts of terroris... Read more

Connecticut: Commissioner Issues Bulletin Detailing Terrorism Legislation

August 13, 2004 Insurance Commissioner Susan Cogswell issued Bulletin PC-55 on Wednesday, setting forth details of limited exclusions for acts of terrorism authorized by Public Act 04-140. In the Bulletin, the Commissioner adopts the definition of terrorism set out in ... Read more

Companies, Employees and Policyholders Need to Contact Members of Congress and Urge Extension of TRIA

August 13, 2004 Companies, Employees and Policyholders Need to Contact Members of Congress and Urge Extension of TRIA In only a few short weeks, Members of Congress will return for the final stretch before they adjourn to campaign for the November 2 elections. With so ... Read more

NAMIC Official Testifies Asks ALEC To Support TRIA Extension

July 30, 2004 SEATTLE (July 30, 2004)––Calling terrorism an “uninsurable social risk,” the legal and regulatory affairs director of the National Association of Mutual Insurance Companies (NAMIC) has encouraged the American Legislative Exchange Counsel (ALEC) to back ... Read more

TRIA Extension Introduced in Senate

July 26, 2004 Legislation to extend and expand the Terrorism Insurance Act of 2002 has been introduced in the Senate by sponsors from both parties. Like similar measures introduced in the House, the bill would extend the original legislation through 2007. In summary,... Read more

House Financial Services Committee Members Want to Extend TRIA

July 8, 2004 Because of the successful lobbying efforts of the insurance industry coalition, two bills have been introduced in the House that would extend TRIA for two years beyond its current Dec. 31, 2005 sunset. In summary, H.R. 4634, the Terrorism Insurance Back... Read more

TRIA - Insurers May Request Advance Payments

June 25, 2004 Yesterday, June 24, 2004, the U.S. Treasury issued final regulations that would govern the claims process in the event that there is a certified act of terrorism under TRIA. The final regulations are similar to the proposed regulations issued last Novem... Read more

Treasury Department Announces a Final Regulation Implementing Claims Procedures Under the Terrorism Risk Insurance Act

June 25, 2004 On Thursday, June 24, the Treasury Department announced a final claims rule pursuant to the Terrorism Risk Insurance Act (TRIA) of 2002. This rule finalizes the proposed rule published Dec. 1, 2003, and is one in a series of Treasury regulations impleme... Read more

Analysis of Proposed Changes to TRIA

June 24, 2004 As we reported on Tuesday, June 22, Representatives Sessions, Baker, Kelly and Cantor introduced H.R. 4634, the Terrorism Insurance Backstop Extensions Act of 2004. If this amendment to TRIA becomes law, TRIA will be extended for two years, through Dec.... Read more

Final Regulations Issues on Terrorism Risk Insurance Act

June 24, 2004 The U.S. Treasury has just issued final regulations governing the Terrorism Risk Insurance Act's (TRIA) claims process. Visit the Treasury webpage containing these and other TRIA regulations. NAMIC is reviewing these new regulations and will be publishi... Read more

NAMIC Supports Congressional Efforts to Extend TRIA

June 22, 2004 At a press conference today, four members of the House of Representatives introduced a bill to extend the Terrorism Risk Insurance Act (TRIA). “NAMIC appreciates the outstanding leadership of Rep. Pete Sessions, R-Texas, Financial Services Committee Ins... Read more

NAMIC Supports Congressional Efforts to Extend Terrorism Risk Insurance Act

June 22, 2004 WASHINGTON (June 22, 2004)—At a press conference today, four members of the House of Representatives introduced a bill extending the Terrorism Risk Insurance Act (TRIA). “NAMIC appreciates the outstanding leadership of Rep. Pete Sessions, R-Texas, Finan... Read more

Recent Developments in TRIA – Press Conference to be Held Later Today

June 22, 2004 While it seems clear that TRIA has stabilized insurance markets, there has been a great deal of concern over the status of TRIA, and the insurance industry’s ability to provide coverage for acts of terrorism without it. The first concern was whether the... Read more

Terrorism, Property/Casualty Committee and Terrorism Insurance Implementation Working Group

June 21, 2004 There are several issues worthy of reporting from this meeting. Dave Brummond of the U.S. Treasury reported that Treasury is very close to finalizing its claims regulations. They hope to have them out by the end of the month. Brummond also reported that... Read more

Terrorism Insurance Act Extended Through 2005; NAMIC Comments

June 18, 2004 On Friday, June 18, the Treasury Department announced that it is extending a provision of the Terrorism Risk Insurance Act that requires commercial property and casualty insurers to make terrorism coverage available. "NAMIC congratulates Treasury for ma... Read more

House Members Urge Treasury to Renew Terrorism Insurance; NAMIC Comments

June 15, 2004 According to the Washington D.C. publication The Hill , more than 150 members of the United States House of Representatives are planning to write Treasury Secretary John Snow to urge the department to renew a three-year program that provides federal sup... Read more

Terrorism Reinsurance Issues

June 10, 2004 The Property and Casualty Committee, Terrorism Insurance Implementation Working Group recently filed a letter with the U.S. Treasury recommending the extension of the Terrorism Risk Insurance Act’s (TRIA’s) “make available” provision into 2005 – this ex... Read more

NAMIC Urges Senate Panel to Extend Terrorism Insurance

May 18, 2004 The U.S. Senate Committee on Banking, Housing, and Urban Affairs is holding a hearing today (Tuesday, May 18) on oversight of the Terrorism Risk Insurance Act (TRIA). The hearing comes three weeks after two House committees held a joint hearing on renew... Read more

Insurers Urge Senate Panel to Extend Terrorism Insurance Program Key to National Economic Security

May 18, 2004 WASHINGTON, D.C., May 18, 2004 – Congress should act this year to extend the Terrorism Risk Insurance Act (TRIA) for two years beyond its December 31, 2005, expiration date because the private market alone cannot deal with further catastrophic terrorist... Read more

Oxley, Baker, Kelly, Request Extension of "Make Available" Provision to TRIA; NAMIC Comments

April 23, 2004 To head off the expiration of the "make available" provision to the Terrorism Risk Insurance Program authorized by Congress under the Terrorism Risk Insurance Act of 2002 (TRIA), House Financial Services Committee Chairman Michael G. Oxley (OH), Subcomm... Read more

UPDATE! Terrorism Risk Insurance Act of 2002 (TRIA)

March 24, 2004 In order to keep members informed, NAMIC has reported on TRIA since its passage in late 2002. With that goal in mind, there are several items to report today. The Sunset of TRIA and Subsequent Consequences : There are two critical dates to keep in mind ... Read more

2004 Terrorism Insurance / Standard Fire Policy Bills

February 25, 2004 (Disclaimer: This table is updated at least once a week. NAMIC does not purport to include every terrorism insurance/standard fire policy bill in every state. Rather, the table is focused on bills related to terrorism insurance, and especially any effor... Read more

Attorneys Question Renewal of Terrorism Risk Insurance Act; NAMIC Comments

January 30, 2004 An article by two attorneys at the law firm Morris, Manning & Martin, LLP, questions whether the Terrorism Risk Insurance Act of 2002 (TRIA) is working, and whether it should be renewed in 2005. The question is posed in a manuscript published in the Jan... Read more

2004 Shaping Up to be "Just Right"

January 20, 2004 Each year the Insurance Information Institute (III) invites a panel of Wall Street stock analysts and industry professionals to review the prospects for the industry in the current and coming year. We’ve combined this information with a recent survey fr... Read more

Treasury Issues Final Rules Under Section 326 of the USA PATRIOT Act - No Change for Property/Casualty Insurance Industry

May 1, 2003 WASHINGTON (May 1, 2003)—Under section 326 of the USA Patriot Act, the property/casualty insurance industry remained unaffected in the latest round of proposed rules. Yesterday, Treasury, the Financial Crimes Enforcement Network, and the seven fed... Read more

NAMIC Issues Analysis of TRIA Regulations

April 21, 2003 Note to editors: Contact Rick Nelson for NAMIC’s full analysis. INDIANAPOLIS (April 21, 2003)—The U.S. Treasury Department issued a second set of regulations under the Terrorism Risk Insurance Act (TRIA) of 2002, last Tuesday. “These r... Read more

NAMIC Comments on Treasury’s Proposed Interim Rules Terrorism Risk Insurance Act (TRIA) of 2003

April 2, 2003 WASHINGTON (April 2, 2003) – The National Association of Mutual Insurance Companies (NAMIC) submitted comments this week to the Department of Treasury on the first round of interim final regulations of the Terrorism Risk Insurance Act (TRIA). The ... Read more

House Committee on Financial Services Ratifies Subcommittee Chairs and Memberships as Well as Oversight Plan - NAMIC Comments

February 7, 2003 WASHINGTON (Feb. 7, 2003) - Last evening, the House Committee on Financial Services held its first meeting of the 108th Congress to ratify subcommittee chairs and memberships, as well as adopt committee rules and an oversight plan. “NAMIC looks fo... Read more

Terrorism Insurance Act Q&A

January 3, 2003 The following questions were posed to Peter Bisbecos, NAMIC legislative and regulatory counsel, and Monte Ward, NAMIC vice president of federal affairs, on a Conference Call hosted by NAMIC on Dec. 17, 2002. Q: (Added Jan. 3, 2003) Several state departm... Read more