Skip Ribbon Commands
Skip to main content
symbol

RIMS


RIMS: Senate Introduction of TRIA a Positive First Step 4/11/2014

 

 

RIMS: SENATE INTRODUCTION OF TRIA A POSITIVE FIRST STEP TO REAUTHORIZING CRITICAL LEGISLATION

 

(NEW YORK) April 11, 2014 – RIMS, the risk management society™, commends Senators Schumer (D-NY), Heller (R-NV), Reed (D-RI), Kirk (R-IL), Murphy (D-CT) and Johanns (R-NE) for introducing a bi-partisan agreement on a long term TRIA extension.

“News that the Senate has begun the process of reauthorizing TRIA is encouraging but we understand that this introduction is just the initial step of a long legislative process,” said RIMS President Carolyn Snow.  “The Senators who have introduced this bill understand the consequences of TRIA’s expiration and we applaud them for their foresight.   We remain hopeful that the House Financial Services Committee also realizes the impact TRIA’s expiration will have on all businesses across the U.S.”

RIMS continues to support the following principles in development of a long-term solution for TRIA:

  • Without a TRIA-type program, many entities will simply be self-insured due to lack of availability or affordability of coverage or both - leaving their companies and their workers exposed to an event that could bankrupt the company.
  • The new program should ensure an orderly and efficient response to minimize any market disruptions and ensure benefits are available to any victims - individuals or companies – from a catastrophic loss scenario.
  • A private and public partnership provides the best alternative to addressing the long-term needs of availability and affordability of insurance to cover acts of terrorism.
  • The solution needs to address the long-term availability and affordability of insurance coverage for nuclear, biological, chemical, and radiological events caused by terrorism.
  • All commercial property, workers’ compensation, auto and general liability lines should be included in any new plan.
  • Insurance companies writing commercial lines should be required to participate in the program and be required to make coverage available for acts of terrorism.  

# # #

About RIMS

As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 11,000 risk practitioners who are located in more than 60 countries. For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.

​ ​

For more information, contact:

Josh Salter, RIMS communications manager, (212) 655-6059 or jsalter@RIMS.org

POPULAR TOPICS

RIMS MARKETPLACE

Access the most comprehensive directory of solution providers for risk professionals.

myCOI

myCOI's suite of products provides you with the right solution to simplify the tracking process and minimize your risks of an uninsured claim and costly litigation...

RWH Myers

RWH Myers is committed to helping policyholders through business interruption and property damage claims, efficiently and accurately...

Navigant

Navigant represents policyholders in the analysis of losses and preparation of complex insurance claims...