President Signs TRIA Reauthorization Into Law

On Monday, January 12, President Barack Obama signed into law a reauthorization of the Terrorism Risk Insurance Act (TRIA), first enacted in 2002 following the 9/11 terrorist attacks but which had expired on December 31, 2014. TRIA provides federal reinsurance backstop for insured losses resulting from terrorism, and was essential to preserving the market for terrorism insurance following catastrophic losses sustained by domestic and foreign reinsurers following the 9/11 attacks. Supporters of the TRIA reauthorization view the program as necessary to ensuring the continued availability of terrorism coverage, noting that many policies condition coverage on extension of the federal program.