TRIA News

How AIG Is Using Cyber Intelligence to Protect Property from Cyber Attacks

A three-hour shutdown of the New York Stock Exchange on the same day that a network failure halted all United Airlines flights in the U.S. had people across the country thinking one thing: cyber-attack. It wasn’t, but the July 8 …

Judge Denies Daughter’s Cuba Damages Claim Under TRIA for Father’s Death

A federal judge who will sentence BNP Paribas SA Friday for violating U.S. sanctions against Sudan, Iran and Cuba on Thursday rejected a Cuban-American woman’s bid for compensation for her father’s death at the hands of the Castro regime. Marilyn …

Connecticut Gov. Malloy Lauds Congressional Passage of TRIA

Connecticut Governor Dannel P. Malloy issued a statement praising the Congressional approval for a six-year extension of the federal government’s Terrorism Risk Insurance Act (TRIA). “This reauthorization was essential and restores much-needed certainty to the insurance industry here in the …

New York Regulator Surveying Insurers on TRIA Risk

New York’s Financial Services Superintendent Benjamin Lawsky has directed insurers that are licensed to write commercial property or liability business lines in the state to submit information on how they are responding to Congress’ failure so far to reauthorize the …

Conn. Regulator: TRIA Renewal Must Be a Top Priority for New Congress

Connecticut’s deputy insurance commissioner sent a letter to the state’s Congressional delegates last week, asking that the delegation impress upon its leadership in the House and Senate the urgency with which the Terrorism Risk Insurance Act (TRIA) must be reauthorized …

With TRIA Renewal Efforts Killed, Some Predict Market Chaos

Property/casualty insurance industry groups, business associations and observers alike were quick to condemn the death of TRIA renewal for 2014. Without federal terrorism reinsurance in place for 2015, they predicted canceled coverage, market chaos and more unless the measure can …

House Committee Approves TRIA Renewal Bill with NARAB Amendment

The House Financial Services Committee today voted to report out a bill to extend the federal terrorism insurance program for another five years. The bill also contains some reforms of the Terrorism Risk Insurance Act (TRIA) and an insurance producer …

California Coalition Urges Legislature to Call for TRIA Extension

A coalition of tourism entities, commercial property owners and insurers are calling on state legislators to support a resolution urging Congress to extend the Terrorism Risk Insurance Act. AJR 34, authored by Assemblyman Ken Cooley, D-Rancho Cordova, will be heard …

Mass. Regulator Offers Update on Industry Developments, Boston Bombing Claims

Massachusetts’ top insurance regulator recently spoke about the state of the insurance industry in Massachusetts, with topics ranging from the auto insurance marketplace and the Biggert-Waters Flood Insurance Reform Act to Boston bombing insurance claims. Speaking at the Massachusetts Association …

Risk Managers: Loss of TRIA Would Limit, Possibly End, Terrorism Coverage

A majority of risk professionals believe expiration of the federal terrorism reinsurance program would result in a decrease of affordable terrorism coverage or, even, the total elimination of the coverage, according to a poll by the Risk and Insurance Management …