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

December 30, 2014

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 when the new Congress convenes next month.

“Thank you for your support for the reauthorization of the Terrorism Risk Insurance Act (TRIA),” the Connecticut Insurance Department’s Deputy Commissioner Anne Melissa Dowling said in her letter on Dec. 22. “As a delegation representing the Insurance Capitol, you understand full well the importance of reauthorizing the federal Terrorism Risk Insurance Act and its implications to both the state’s signature industry and the people, industries and projects it protects.”

Dowling said that after the 113th Congress adjourned without renewing TRIA on Dec. 16, the Connecticut Insurance Department has heard first hand that industry leaders representing a significant market share are already reassessing their risk exposures and pricing.

“We are aware that some carriers have already begun to decline offers to quote new business in what has been traditionally identified as vulnerable markets,” said Dowling. “Ultimately, without swift action in the beginning days of the 114th Congress, carriers have intimated their intent to withdraw from certain segments of the market by opting not to underwrite new coverage or renew existing policies.”

Dowling said it is incumbent upon Congress to act with all due haste and renew TRIA. “This unfinished business must be a top priority for the new Congress,” said Dowling.

The following is a copy of the letter:

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