The risk management society RIMS is giving a tip of the cap to Congress and President Barack Obama for what it calls the “swift action to reauthorize TRIA.”
“After several years of delivering testimony, lobbying and developing initiatives that allow RIMS members to voice their concerns regarding TRIA’s expiration, our hard work was finally rewarded,” said RIMS president Rick Roberts, following the six-year extension of the Terrorism Risk Insurance Act (TRIA). “We are thrilled that Congress and President Barack Obama finally realized that this Federal backstop is more than just an insurance issue.”
Roberts added that TRIA offers all organizations that do business in the U.S. financial protections to cope with “the very real and unsettling devastation caused by terrorism, as well as the confidence to remain focused on their objectives.”
Past President Carolyn Snow added that the three weeks of limbo over Christmas left many commercial clients in an untenable situation.
“For about three weeks following the program’s expiration, brokers, underwriters and commercial insurance consumers were faced with the stark reality of the challenge to protect their businesses and clients from potentially catastrophic and unpredictable losses incurred by an act of terror” said Snow. “RIMS commends our leaders in Washington, D.C. for addressing this uncertainty immediately upon their 2015 return and authorizing a fair extension.”
While acknowledging that not all of the objectives for TRIA were met, the Chair of the External Affairs Committee for RIMS Janice Ochenkowski said that the new act did address several points.
“While there are changes that differed from RIMS’ goals for TRIA,” said Ochenkowski, “the Society believes that this new version adequately addresses many of the principles we have supported throughout the reauthorization process. RIMS External Affairs Committee looks forward to participating in the implementation of TRIA and subsequent discussions about terrorism insurance.”
