Articles - LMA - guidance on US Terrorism Risk Insurance Act (TRIA)


The Lloyd’s Market Association (LMA) has welcomed the news that the US Terrorism Risk Insurance Act (TRIA) is to be renewed, putting an end to the period of uncertainty that has prevailed over the holiday period.

 TRIA was initially allowed to ‘lapse’ at 12.00 midnight on 31 December 2014 after the US Senate failed to authorise the Bill in December prior to its holiday recess. The House of Representatives in the US approved a Bill on Wednesday (January, 7) that will extend TRIA for a further period of six years to expire on December 31, 2020. The Senate voted on and passed the Bill yesterday (January, 8) and now that it has passed both chambers it will be sent to the US President, who is expected to sign the legislation into law.
  
 David Gittings, CEO of the LMA, said:
 “The LMA has welcomed the news that the Senate has acted so quickly on TRIA in the New Year to put to an end a period of considerable uncertainty for the Lloyd’s Market whilst Congress was in recess. He said:
  
 “While the LMA is pleased to see such a positive response from Lloyd’s standalone terrorism market to clients’ requests for cover during the period of confusion, the LMA has been in support of Lloyd’s and the industry’s lobbying position for the renewal of TRIA over the past 12–18 months and has been monitoring developments in Washington closely.
  
 “Anticipating that the Bill will quickly be signed into law by the US President, it now enables us to focus on the immediate job in hand, which is to finalise our model (LMA) policy language, to ensure it is compliant with the requirements of the reauthorized TRIA program, and to produce practical guidance for our membership, working in close conjunction with Lloyd’s and their legal counsel.”

Back to Index


Similar News to this Story

Inflation risk premium why think about it now
An inflation risk premium (IRP) is nothing new. Market-implied inflation has historically been higher than actual realised inflation. There is only
Workplace emergency savings
Nest Insight event dedicated to workplace emergency savings, where we’ll share the latest findings from our research trials and hear from other practi
How to identify the key issues early in reserving
This article looks at how an analytical approach to reserving can help actuaries focus on what really matters, right at the start of the process. We s

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.