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PIA Hails Resolution Calling for Extension of TRIA

PIA National is hailing passage by the New York State Assembly of a resolution in support of extending the Terrorism Risk Insurance Act (TRIA)...
July 3, 2013

PIA National is hailing passage by the New York State Assembly of a resolution in support of extending the Terrorism Risk Insurance Act (TRIA). The New York State Assembly agreed to Assembly Resolution 611, which urges New York’s congressional delegation to take action on extending the legislation. PIA strongly supports extending TRIA. “Professional insurance agents help businesses manage their risk, and they wouldn’t be able to do it without this successful public/private partnership,” said Mike Becker, vice president of federal affairs.

It remains difficult, if not impossible, for underwriters to accurately determine premiums based on sound actuarial calculations. Insurers are unable to accurately predict the frequency or severity of loss to effectively spread risk. Having this coverage available and affordable for small and mid-size commercial insureds—the customers of PIA agencies throughout the United States—is critical.

Legislation extending the Terrorism Risk Insurance Program for 10 years has been introduced in the U.S. House of Representatives. H.R. 508, the Terrorism Risk Insurance Act of 2002 Reauthorization Act of 2013, has been introduced in the House and would extend TRIA to Dec. 31, 2019.

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