FIO Focus No. 47 - February 2014: Senate Hearing on the Terrorism Risk Insurance Act (TRIA)

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Devoted to exploring the progress of the modernization of the insurance industry, FIO Focus provides information and insights about the organizations and issues that are driving change and influencing the future of the industry.

Senate Hearing on the Terrorism Risk Insurance Act (TRIA) -

On February 25, 2014, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on “Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market, Part II.” Part I of the hearing was held on September 25, 2013. FIO Focus Issue 6 provides an overview of the Terrorism Risk Insurance Program (Program).

Testimony was provided by a panel consisting of:

• W. Edward Walter, President and CEO, Host Hotels & Resorts, on behalf of the Coalition to Insure Against Terrorism

• Carolyn Snow, President, Risk and Insurance Managements Society

• Bill Henry, CEO, McQuerry, Henry Bowles and Troy, on behalf of the Council of Insurance Agents & Brokers

• Vincent T. Donnelly, President and CEO, PMA Insurance Group, on behalf of the Property Casualty Insurers Association of America

• Warren W. Heck, CEO and Chairman of the Board, Greater New York Insurance Companies, on behalf of the National Association of Mutual Insurance Companies

• Douglas G. Elliot, President of Commercial Markets, The Hartford, on behalf of the American Insurance Association

Please see full Issue below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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