We have prepared a simple two-page FAQ (PDF file) regarding what’s new in the TRIA renewal bill, along with a chart prepared by the Reinsurance Association of America (RAA) with whom we have been working comparing the House, Senate and the final adopted versions of S. 467. (Our thanks to RAA).

What It Means to Agents:  As there will be substantive changes to TRIA coverage as a result of this new law, agents will need to obtain from each of their carriers the specifics of any applicable changes before advising customers of such changes. Carriers must now inform and re-instruct their insurance producers of any such changes.

PIA is now putting together an informational presentation to our National and State Leadership, which we anticipate will be available during the first half of January. This will cover what are the new provisions and how do they differ from the previous provisions; what are the implications for current TRIA federal regulations and current state filings on TRIA and terrorism; and what do we need to do now in order to have a reasonably smooth transition for the 1/1/08 renewal cycle.

December 20, 2005