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 Insurance Capital,” Malloy said. “We are grateful that the reauthorization had the strong support of Connecticut’s Congressional delegation and that Congress moved swiftly and overwhelmingly to approve it.”
Created in the wake of the Sept. 11, 2001, terrorist attacks, TRIA provides the insurance industry with a federal backstop to make terrorism insurance available and affordable. The program expired on Dec. 31, 2014, when the 113th Congress adjourned without reauthorizing it.
“This is tremendous news for the people, businesses and projects that rely on the coverage,” Connecticut Deputy Insurance Commissioner Anne Melissa Dowling said in a statement. “A key component of the Insurance Department’s mission of consumer protection is ensuring that carriers are solvent and have the ability to keep their promises to their customers.”
Source: Office of Connecticut Governor Dannel P. Malloy
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