BIG “I” HAILS INTRODUCTION OF TRIA EXTENSION
Bill would extend backstop through 2007
WASHINGTON, D.C., Feb. 18—The Independent Insurance Agents & Brokers of America (the Big “I”), the nation’s largest agents and brokers group, today hailed the Senate introduction of a bill to extend the Terrorism Risk Insurance Act (TRIA).
The Big “I” has been joined by many of its industry partners in strongly supporting TRIA extension. The bill introduced today would extend TRIA for two years through the end of 2007, and require terrorism insurance coverage to be made available.
The existing TRIA legislation expires December 31, 2005, but action is needed as soon as possible to avoid gaps in coverage in policies with effective dates of January 2, 2005, or later.
“There is a great concern within the industry that catastrophic losses related to terrorist attacks remain uninsurable, and that if TRIA should be allowed to lapse, it could be difficult, if not impossible, for businesses to obtain insurance against losses related to terrorist acts. This could have serious economic consequences in the event that another terrorist attack takes place on American soil,” says Charles E. Symington, Jr., Big “I” senior vice president of federal government affairs.
The Association expressed gratitude to Senators Christopher Dodd (D-Conn.) and Robert Bennett (R-Utah) for introducing the bill.
“We are very pleased that Senators Dodd and Bennett have introduced this legislation, which is crucial to the insurance industry’s ability to cover catastrophic losses related to terrorism and also to preserving confidence in the market,” says Brendan Reilly, Big “I” director of federal government affairs. “This legislation is important because, if enacted, it will help provide certainty in the insurance marketplace. Passing this legislation would be a crucial development for many of the business clients of independent agents and brokers.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer property and casualty insurance, employee benefit plans and retirement products. Web address: www.independentagent.com.
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