Jeffrey DeBoer on the intersection of Washington and commercial real estate
On Monday, November 18, 2019, the House of Representatives passed, by a widely bipartisan vote of 385–22, H.R. 4634, also known as the “Terrorism Risk Insurance Program Reauthorization Act of 2019.” If enacted, this will...more
Accurately forecasting and predicting terrorism exposure within the United States is difficult, to say the least. To make matters more challenging for the commercial real estate industry, reinsurers largely stopped reinsuring...more
Changes at the Top - Republican Phil Scott was elected Governor of Vermont in November 2016, having previously served as Lieutenant Governor for six years. Governor Scott has re-appointed Michael Pieciak to serve as the...more
This month, the Federal Insurance Office (“FIO”) issued its “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” (the “Report”, found here), required by the latest reauthorization of the Terrorism...more
In light of the reauthorization of the Terrorism Risk Insurance Act (“TRIA”) earlier this year, a growing focus within the industry has been on the collection of data on terrorism risk exposure from insurers to help assess...more
As previously reported, the Terrorism Risk Insurance Act (“TRIA” or the “Program”) was re-authorized and signed into law on January 12, 2015 (the “Reauthorization Act”). On February 4, 2015, the Department of Treasury...more
On January 12, 2015, President Obama signed into law H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA of 2015), providing a federal backstop for insurance against risks of terrorism. TRIPRA...more
Earlier this month, President Barack Obama signed important legislation extending the Terrorism Risk Insurance Act of 2002 (“TRIA”), which lapsed December 31, 2014, through December 31, 2020. During the lapse, policyholders...more
On January 12, 2015, the Terrorism Risk Insurance Act Program (“TRIA” or “Program”), which was originally adopted in 2002 to provide a federal backstop to protect insurers from catastrophic claims arising from terrorist...more
In this issue: - New Law Aligns Clearing and Margin Exceptions for Swaps - CFTC Staff Extends No-Action Relief to Certain Reporting Counterparties Masking Identifying Information Pursuant to Non-US Law -...more
On Monday, President Barack Obama signed into law a six-year extension of the Terrorism Risk Insurance Program after the House and Senate passed the bill by votes of 416-5 and 93-4, respectively. As we previously reported,...more
Reacting quickly to the concerns of the business community and insurance policyholders, the 114th Congress voted overwhelmingly to approve the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIA). On January...more
On January 8, 2015, the U.S. Senate approved legislation, by a 93-4 vote, to reauthorize the Terrorism Risk Insurance Act (“TRIA”). The legislation, dubbed the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the...more
In the wake of the tragic September 11th attacks, virtually all commercial reinsurance contracts that renewed by July 2002 included absolute terrorism exclusions. As a result, domestic direct insurers passed these exclusions...more
Congress’ failure to renew the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”), a 2007 extension of the 2002 Terrorism Risk Insurance Act, could have significant implications for companies that rely upon...more
The U.S. Congress failed to reauthorize the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) prior to adjourning on December 16, 2014. The new 114th Congress will not convene until January 6, 2015 and may not...more
To the surprise of many, Congress failed to extend the Terrorism Risk Insurance Act of 2002 ("TRIA"), which is set to expire at the end of this year. Many hope that TRIA in some form will be re-authorized early in 2015 and,...more
The U.S. Senate wrapped up the 113th Congress and left Washington without holding a vote to renew the Terrorism Risk Insurance Act (TRIA). In the closing weeks of the session, Senator Chuck Schumer (D-N.Y.) had negotiated an...more
The Terrorism Risk Insurance Act (TRIA) now appears set to expire as of December 31, 2014, barring further action from Congress. The Terrorism Risk Insurance Program Reauthorization Act of 2014[1] would have extended the...more
Last Friday we reported that the House of Representatives had finally passed a bill reauthorizing the Terrorism Risk Insurance Act (TRIA) and sent it to the Senate. The post included a picture of a cartoon bomb with a lit...more
The Terrorism Risk Insurance Program Reauthorization Act of 2014 (the “Bill”), which would extend the existing terrorism insurance coverage under TRIA, appears that it will now expire as of December 31, 2014 barring further...more
In the aftermath of the tragic September 11th terrorist attacks and after suffering steep losses, insurance companies stopped offering terrorism coverage as part of their commercial property policies. In response to this,...more
Congress returned last week from an extended spring recess with few legislative days left on the calendar before the mid-term elections and a long list of must-do legislation. One piece of legislation that seems certain to...more
Yesterday, Sens. Chuck Schumer (D-NY), Mark Kirk (R-IL), Mike Johanns (R-NE), Dean Heller (R-NV), Jack Reed (D-RI), and Chris Murphy (D-CT) introduced a measure to reauthorize and extend the Terrorism Risk Insurance Act...more
Terrorism insurance has been boring for the past several years. It risks becoming not boring. In the lee of the terrorism attack of 9/11, the Terrorism Risk Insurance Act, or TRIA, was rapidly passed by the Congress and...more