RIMS Disappointed with TRIA Expiration

December 17, 2014

SHORTSIGHTED CONGRESS FAILS TO PROTECT U.S. COMPANIES AGAINST TERRORISM

 

Despite Bipartisan Support, TRIA Left to Expire

 

(NEW YORK) December 17, 2014 – With great disappointment, RIMS, the risk management society™, expressed its concern for Congresses’ inability to extend the Terrorism Risk Insurance Act (TRIA) before its deadline on December 31, 2014.

 

RIMS President Carolyn Snow offered this statement regarding the bill’s expiration:

 

“We are extremely disappointed that Congress failed to pass an extension of TRIA, despite strong bipartisan support. The program’s expiration will have many negative repercussions for commercial insurance consumers, the countless organizations they represent and the U.S. economy as a whole.

 

“Congress allowed a program to expire that has proven to be a success. Since its inception, TRIA has stabilized the marketplace by providing adequate capacity at affordable rates. Its expiration will almost certainly cause rates to rise, placing many lending agreements in jeopardy and forcing some organizations to self-insure or simply go without.

 

“RIMS and many other organizations have been pushing Congress to pass an extension for the past two years but Congress senselessly ignored those concerns and waited until the very last moment. This delay has ultimately led to the worst possible outcome.

 

“We urge both the House and Senate to act swiftly on this issue as soon as they convene in January. The longer this lapse in coverage is allowed to continue, the more the U.S. economy will suffer.”

 

RIMS External Affairs Committee and our members will continue to promote the value of TRIA to Congress upon its return on January 6, 2015. For more information about RIMS External Affairs Committee, visit www.RIMS.org.

For more information, contact:

Josh Salter, Senior Communications Manager, (212) 655-6059 or JSalter@rims.org

About RIMS

As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org

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