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PIA to Congress on TRIA: Just Renew It!

WASHINGTON, November 16, 2005 - Committees in the House and the Senate have approved differing versions of bills to extend the Terrorism Risk...
November 16, 2005

House, Senate Committees Approve Differing TRIA Renewal Bills; PIA Sends Action Alert to Members Urging Them to Contact Congress

WASHINGTON, November 16, 2005 - Committees in the House and the Senate have approved differing versions of bills to extend the Terrorism Risk Insurance Act (TRIA). 

The Senate Banking Committee approved a modified two-year extension of the program early in the day on Wednesday, November 16. Then just hours later, the House Financial Services Committee approved its own version of the legislation. Both bills must now be passed by each chamber and differences resolved by a House-Senate conference.

"The differences between the versions of the TRIA bills approved in committee today pale in comparison to the overwhelming need to get the renewal done," said PIA Executive Vice President & CEO Len Brevik. "It is critical that the terrorism backstop is approved, because right now, TRIA it is the only terrorism insurance market that small-to-medium sized businesses have."

Brevik said that immediately after today's committee approvals of the TRIA bills, PIA sent out a nationwide grassroots action alert to all its members, asking them to contact their Members of Congress and urge that they vote to renew TRIA.

"For our insurance customers, for our communities, for the stability of the insurance marketplace, for our professional independent agencies, for the continuity of our economy and for all of America, Congress must extend this insurance backstop against terrorist attacks," Brevik said.  "We have full confidence that the remaining details can be worked out. PIA's message to Congress on TRIA takes a page from what Nike says - Just Renew It!"

PIA lobbied for the passage of TRIA in 2002 and was honored to be invited to attend the White House bill signing ceremony, and has actively advocated for an extension of the backstop. 

Founded in 1931, PIA is a national trade association which represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA will celebrate its 75th anniversary in 2006.