Terrorism Risk Insurance Act
Terrorism Risk Insurance Act
 |
| Other short titles |
Terrorism Risk Insurance Act of 2002 |
| Long title |
An Act to ensure the continued financial capacity of insurers to provide coverage for risks from terrorism. |
|
Acronyms (colloquial)
|
TRIA, TRPA |
| Nicknames |
Terrorism Risk Protection Act |
| Enacted by |
the 107th United States Congress
|
| Effective |
November 26, 2002 |
| Citations |
| Public law |
107-297 |
| Statutes at Large |
116 Stat. 2322
|
| Codification |
| Titles amended |
|
| U.S.C. sections amended |
|
| Legislative history |
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Introduced in the House as H.R. 3210 by Michael Oxley (R-OH) on November 1, 2001
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Committee consideration by House Financial Services, House Ways and Means, House Budget, House Judiciary
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Passed the House on November 29, 2001 (227-193, Roll call vote 464, via Clerk.House.gov)
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Passed the Senate on July 25, 2002 (Passed unanimous consent)
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Reported by the joint conference committee on November 13, 2002; agreed to by the House on November 14, 2002 (Agreed voice vote) and by the Senate on November 19, 2002 (86-11, Roll call vote 252, via Senate.gov)
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Signed into law by President George W. Bush on November 26, 2002
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The Terrorism Risk Insurance Act (TRIA) (H.R. 3210, Pub.L. 107–297) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. The Act "provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism." The Act was originally set to expire December 31, 2005, was extended for two years in December 2005, and was extended again on December 26, 2007. The Terrorism Risk Insurance Program Reauthorization Act expired on December 31, 2014.
On January 7, 2015 the House of Representatives voted 416-5 to approve the Terrorism Risk Insurance Program Reauthorization Act of 2015, (H.R. 26, Pub.L. 114–1) extending the TRIA through the year 2020. The Senate approved the extension the day after by a vote of 93-4. On January 12, 2015, President Barack Obama signed the extension into law.
Before the September 11 attacks, business insurers generally neither charged for nor specifically excluded terrorism coverage. The scope of the 9/11 attacks and the resulting $40 billion estimated insured loss changed perceptions dramatically. It was the worst terrorist attack on record for both property and fatalities and the worst international attack on American soil since the Japanese surprise attack on Pearl Harbor, as nearly 3,000 people lost their lives in New York City, Washington, D.C., and Stonycreek Township near Shanksville, Pennsylvania.
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