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PIA Joins Broad Business Coalition Saying: "Pass TRIA Now!"

PIA has joined with a wide business coalition assembled by the U.S. Chamber of Commerce in urging Congress to pass an extension of the Terrorism Risk Insurance Act...
September 11, 2014

PIA has joined with a wide business coalition assembled by the U.S. Chamber of Commerce in urging Congress to pass an extension of the Terrorism Risk Insurance Act (TRIA).

A letter to the U.S. House of Representatives urging a vote to renew TRIA was signed by 407 coalition members, including PIA. Signers represented the full scope of American business. Many insurance carriers and carrier associations signed on, as did insurance associations such as the Council of Insurance Agents and Brokers (CIAB) along with PIA.

Despite increasing pressure from the business community, it is possible that TRIA will not be dealt with until a lame duck session. Congress is back in Washington, D.C., for an abbreviated session before heading back out on the campaign trail. The program is currently set to expire Dec. 31.

"TRIA has made it possible for the American economy to get the coverage it needs, while protecting the taxpayer," stated the letter in part. "By maintaining our economic stability in the face of ongoing terrorist threats, TRIA serves as a vital public-private risk sharing mechanism. TRIA fosters certainty in the marketplace by ensuring that private terrorism risk insurance coverage remains commercially available at virtually no cost to the taxpayer." Read the full letter here.

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