TRIA

News & Analysis as of

A Boost for Business: Time to Reaffirm or Secure Terrorism Insurance

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

Terrorism Risk Insurance Act of 2002 Extended as First Legislation of 2015; 114th Congress

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

Dodd-Frank Act Changes Are Coming

For over four years after enactment of the Dodd-Frank Act (“Dodd-Frank”), President Obama and the Democratic Senate successfully blocked any changes to that act. For example, in the 113th Congress, the House passed 26 bills...more

Terrorism Risk Insurance Program Reauthorized

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

New Law Aligns Clearing and Margin Exceptions for Swaps

On January 13, President Obama signed legislation that aligns the rules relating to swap clearing and mandatory margin for uncleared swaps so that any entity that qualifies for an exemption from clearing its swaps also is...more

Corporate and Financial Weekly Digest - Volume X, Issue 2

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

TRIA’s Back . . . and There’s Going to be Trouble

Readers of a certain age may recall the Angels’ 1963 song “My Boyfriend’s Back,” which talked about a boyfriend who returned to rescue his steady girlfriend from lies and problems (“Hey-la-day-la my boyfriend’s back!”). Well,...more

Obama Signs Bill Extending Federal Terrorism Reinsurance Program

Born out of the September 11, 2001 terrorist attacks, on November 26, 2002, President George W. Bush signed into law the Terrorism Risk Insurance Act (“TRIA”). Originally set to expire on December 31, 2005, Congress twice...more

Terrorism Risk Insurance Program Reauthorized, But Some Uncertainty Remains

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

Terrorism Insurance: Steps for Policyholders After TRIA’s Reauthorization

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

New Legislation Exempts Swap End Users From Margin Requirements

The House and Senate have passed legislation which provides that swap end-users do not have to provide initial and variation margin for uncleared swaps as previously required by the Dodd-Frank Act. The provision is...more

Congress Exempts Non-Financial End-Users, Their Agents and Certain Cooperatives From Non-Cleared Swap Margin Requirements in...

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

TRIA is Renewed, Finally…

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

114th Congress Review

With the 114th Congress now officially underway with the Republican Party in control of the House of Representatives and the Senate, ML Strategies will continue our tradition of offering an annual Legislative and Regulatory...more

Policyholders Face Uncertainty after Lapse of Terrorism Risk Insurance Program

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

Policyholders Face Uncertainty after Lapse of Terrorism Risk Insurance Program

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

North Korea’s Attack Raises Critical Coverage Issues and TRIA Implications

Potential Critical Coverage Issues - The FBI advised that the recent attack on Sony Pictures Entertainment (SPE) “destroyed systems” and “rendered thousands of SPE’s computers inoperable, forced SPE to take its entire...more

Need Terrorism Coverage? Take Action Before January 1, 2015

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

TRIA Rides Off Into the Sunset

The 113th Congress is history and, unfortunately, so is TRIA. TRIA, the Terrorism Risk Insurance Act, came into existence in the wake of the September 11 terrorist attacks as a way of ensuring that insurance against terrorist...more

TRIA Extension Fails: An Initial Guide to Next Steps

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

Before Adjourning, US Congress Adopts Budget With Dodd-Frank Amendments; Fails To Pass Terrorism Risk Insurance Legislation

Before the 113th Congress adjourned on December 16, Congress adopted the Consolidated and Further Continuing Appropriations Act of 2015, which ensures the federal government operates with budget certainty until September...more

U.S. Congress Fails to Renew TRIA – for Now

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

Terrorism Risk Insurance Act Set to Expire at Year End

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

Congress’ Failure to Extend Terrorism Risk Insurance Act Requires Policyholders to Act Diligently Before January 1

With the recent uptick in terrorist activity omnipresent in the news, the need for financial protection against the effects of terrorism is plainly evident. Nevertheless, Congress has now adjourned for the year without making...more

Our Dysfunctional Congress Skedaddles, Leaving TRIA to Die

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

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