House passes terrorism insurance bill.(insession)

The House passed the Terrorism Risk Insurance Revision Act (TRIA) of 2007 in September by a vote of 312 to 110. The legislation, H.R. 2761, will extend the federal backstop program, which is currently set to expire on December 31 of this year, for 15 years. The program makes coverage available for nuclear, biological, chemical or radiological attacks; requires the Treasury Department to report on the terrorism insurance market every two years, including analysis of terrorism insurance pricing impacts on commercial real estate; and establishes a blue ribbon commission tasked with recommending a long-term private market solution. The bill moved to the Senate at press time. IREM participates in a coalition that supports this bill and will continue to work for introduction and passage of this legislation.

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