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Risk and Insurance Management
Society Applauds TRIA Extension
By Alan Reisch
• Director at Goulston & Storrs PC, Alan Reisch possesses
more than three decades of legal experience. Alan
Reisch, a member of the Risk and Insurance
Management Society, offers legal guidance on insurance
coverage, climate change resilience, and private equity
In January 2015, the Risk and Insurance Management
Society (RIMS) announced its support for the six-year
extension of the Terrorism Risk Insurance Act. Also
known as TRIA, the legislation aims to make terrorism
insurance easily accessible and affordable. The following
amendments were included as part of the extension.
• 1. Instead of the Secretary of State certifying acts of
terrorism, the Secretary of Treasury now holds the
responsibility and is required to solicit the guidance of the
Secretary of Homeland Security when making the decision.
2. To ensure the federal government’s assessment and
collection of upfront premiums as well as the capital reserve
fund function efficiently and serve its purpose, the
Comptroller of the United States must analyze the process and
provide feedback on its performance.
3. The legislation now applies to certified acts with insured
losses exceeding $100 million. After 2015, the insured losses
increase by $20 million for each calendar year through 2020.