An insurance industry association is applauding the New York Assembly for adopting Resolution K611-2013, urging the New York State Congressional delegation to take action as soon as possible to extend the federal Terrorism Risk Insurance Act. Additionally, the New York City Council is expected to pass a similar resolution.
“Reauthorization of TRIA is a high priority for New York legislators at all levels of government and we join with them in calling for action at the Congressional level,” said Kristina Baldwin, vice president for the Property Casualty Insurers Association of America (PCI).
“New Yorkers have a keen appreciation for the importance of this issue and the role TRIA plays in providing economic stability after an event. It creates a plan to help ensure important projects which provide jobs can continue to move forward with appropriate and adequate insurance coverage,” Baldwin said.
This week, Congressmember Carolyn Maloney (D-N.Y.), a senior member of the House Financial Services Committee, testified in support of the City Council resolution (Res 1806-2013). In February, Maloney, along with Reps. Michael Grimm (R-N.Y.), Peter King (R-N.Y.), Gregory Meeks (D-N.Y.), Timothy Bishop (D-N.Y.), and Carolyn McCarthy (D-N.Y.) introduced the “TRIA Reauthorization Act of 2013” to extend the Terrorism Risk Insurance Program for five years, through December 31, 2019.
“While national security efforts have increased over the years, terrorism remains a real and continuing threat,” said Baldwin. “However, TRIA provides businesses much-needed certainty.”
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