The US House of Representatives had passed an extension of the
program earlier this month with a few changes. However, the US
Senate failed to pass the legislation that would have extended the
program before the current session of Congress ended.
The program was created under the Terrorism Risk Insurance Act
of 2002 ("TRIA 2002"), which was passed following the
September 11, 2001 terrorist attacks to create a system of sharing
of losses from terrorist attacks between the private insurance
industry and the US federal government. The program was
renewed until December 31, 2007 by the Terrorism Risk Insurance
Extension Act of 2005 ("TRIEA") and was further renewed
until December 31, 2014 by the Terrorism Risk Insurance Program
Reauthorization Act of 2007 (collectively with TRIA 2002 and TRIEA,
"TRIA").
