AIA PRAISES NEW YORK STATE ASSEMBLY’S ADOPTION OF RESOLUTION SUPPORTING TRIA REAUTHORIZATION
WASHINGTON, D.C., June 20, 2013 – Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued the following statement in response to the New York State Assembly’s adoption of Assembly Resolution No. 611. The Resolution urges New York’s Congressional delegation to take action to extend the Terrorism Risk Insurance Act (TRIA).
TRIA was first authorized in 2002, subsequently reauthorized in 2005 and 2007, and is scheduled to expire on December 31, 2014. Three TRIA reauthorization bills, H.R. 508, H.R. 1945 and H.R. 2146, have been introduced in the U.S. House of Representatives.
Ms. Pusey’s statement follows:
“AIA commends the New York State Assembly for adoption of Assembly Resolution No. 611. TRIA’s reauthorization is necessary as the program remains an essential component of our nation's economic security.
“Since September 11, 2001, the program has provided much needed market stability and predictability for recovery after an event while limiting the exposure of taxpayers to losses. This public-private shared loss partnership frees up capital for business expansion and has helped assure businesses that there can be orderly recovery following a terrorist event without further economic disruption.
“AIA will be working in the months ahead to achieve broad bipartisan support for reauthorization of this vital program.”