The Hartford Financial Services Group Inc. is applauding the Senate’s approval of critical legislation last week that would extend the Terrorism Risk Insurance Act of 2002 (TRIA).
Negotiated by key members of the Senate Banking Committee, principally Chairman Richard Shelby and Connecticut Senator Christopher Dodd, an outspoken champion of federal terrorism legislation, the new bill, S. 467 (“Terrorism Risk Insurance Extension Act of 2005”), is a bipartisan compromise that would extend, in modified form, the original TRIA legislation until the end of 2007. The Bush administration has announced its support of the Senate bill.
Lawmakers passed TRIA after the September 11 attacks to help restore confidence in America and effectively manage the risk of terrorism on our soil. Under the law, the federal government partners with private industry and serves as an insurer of last resort to protect the country against catastrophic terror events that could threaten the health of the economy.
However, TRIA is set to expire on Dec. 31, 2005.
“The Senate today took an important step to help make America safer and its economy stronger,” said Ramani Ayer, chairman and chief executive officer of The Hartford. “Chairman Shelby, Senator Dodd and other Committee members have assembled a bipartisan solution with the Bush administration to manage terrorism risk, while Senators Bill Frist and Harry Reid helped steer this legislation through a successful Senate vote. We are also encouraged by the House Financial Services Committee’s approval of a TRIA extension bill, and look forward to having legislation enacted by Congress before the end of this year.”
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