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Risk and Insurance Management Society Applauds TRIA Extension

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Risk and Insurance Management Society Applauds TRIA Extension

  1. 1. Risk and Insurance Management Society Applauds TRIA Extension By Alan Reisch
  2. 2. Introduction • Director at Goulston & Storrs PC, Alan Reisch possesses more than three decades of legal experience. Alan Reisch, a member of the Risk and Insurance Management Society, offers legal guidance on insurance coverage, climate change resilience, and private equity disputes. In January 2015, the Risk and Insurance Management Society (RIMS) announced its support for the six-year extension of the Terrorism Risk Insurance Act. Also known as TRIA, the legislation aims to make terrorism insurance easily accessible and affordable. The following amendments were included as part of the extension.
  3. 3. TRIA Extension • 1. Instead of the Secretary of State certifying acts of terrorism, the Secretary of Treasury now holds the responsibility and is required to solicit the guidance of the Secretary of Homeland Security when making the decision. 2. To ensure the federal government’s assessment and collection of upfront premiums as well as the capital reserve fund function efficiently and serve its purpose, the Comptroller of the United States must analyze the process and provide feedback on its performance. 3. The legislation now applies to certified acts with insured losses exceeding $100 million. After 2015, the insured losses increase by $20 million for each calendar year through 2020.