“The intent of TRIA is in the original legislation,” Hill said.
“The law says that TRIA is intended to create a transparent system of shared public and private compensation for insured losses from acts of terrorism to protect consumers. Hill added: “That’s the goal here, to provide policyholders with the financial protection they need and the confidence they need to build skyscrapers, sports venues and malls and employ workers that drive our economy.”
“We have to update the bill with the extension,” said Rep. Mike Flood, the bill’s lead sponsor.
“This legislation would extend TRIA, the program created by Congress in the wake of the September 11, 2001 terrorist attacks, through 2034,” said Flood.
“We’re so blessed that in the entire history of the program we’ve never seen a TRIA claim and I hope we never, ever see one. “But if this program is going to continue to exist with a public backstop, we should make sure we update its charter to protect taxpayers in the case of future claims, and we should work to make sure the certification process is transparent,” Flood added.
