January 8, 2015
By Melissa Hillebrand
...“The Big ‘I’ is (click here) proud that all of our hard work on TRIA and NARAB II has come to fruition and will benefit thousands of small businesses and insurance consumers across the country,” says Bob Rusbuldt, Big “I” president & CEO. “Today’s bipartisan action by the Senate on both TRIA and NARAB II, in one of the first acts of the new Congress, represents a culmination of years of hard work of the Big ‘I’ and our small business members, and I offer our members a sincere and heartfelt congratulations. Long awaited reform on non-resident licensing for agents is finally coming.”
The bill extends TRIA for six years, and increases the amount needed in total losses before the TRIA program kicks in from the current $100 million to $200 million, at a rate of $20 million a year beginning in 2016. The bill also raises the federal government's mandatory recoupment from $27.5 billion to $37.5 billion, increasing by $2 billion each year beginning Jan. 1, 2016. For all events, the bill would raise the private industry recoupment total from the current 133% of covered losses to 140% of covered losses.
"As with previous TRIA reauthorizations, the primary responsibility for financial recovery is placed on the private sector in all but the most catastrophic of events. TRIA provides policyholders and businesses the certainty they need to operate and grow our nation’s economy," says Leigh Ann Pusey, president and CEO of the American Insurance Association....
Seems like a nice thing to do, right, insuring the insurance companies that insure businesses against losses from terrorism. It gives the government incentive to find terrorists and thwart their plans. Otherwise, besides any deaths the losses to the USA economy is unknown, so there exists TRIA.
By Melissa Hillebrand
...“The Big ‘I’ is (click here) proud that all of our hard work on TRIA and NARAB II has come to fruition and will benefit thousands of small businesses and insurance consumers across the country,” says Bob Rusbuldt, Big “I” president & CEO. “Today’s bipartisan action by the Senate on both TRIA and NARAB II, in one of the first acts of the new Congress, represents a culmination of years of hard work of the Big ‘I’ and our small business members, and I offer our members a sincere and heartfelt congratulations. Long awaited reform on non-resident licensing for agents is finally coming.”
The bill extends TRIA for six years, and increases the amount needed in total losses before the TRIA program kicks in from the current $100 million to $200 million, at a rate of $20 million a year beginning in 2016. The bill also raises the federal government's mandatory recoupment from $27.5 billion to $37.5 billion, increasing by $2 billion each year beginning Jan. 1, 2016. For all events, the bill would raise the private industry recoupment total from the current 133% of covered losses to 140% of covered losses.
"As with previous TRIA reauthorizations, the primary responsibility for financial recovery is placed on the private sector in all but the most catastrophic of events. TRIA provides policyholders and businesses the certainty they need to operate and grow our nation’s economy," says Leigh Ann Pusey, president and CEO of the American Insurance Association....
Seems like a nice thing to do, right, insuring the insurance companies that insure businesses against losses from terrorism. It gives the government incentive to find terrorists and thwart their plans. Otherwise, besides any deaths the losses to the USA economy is unknown, so there exists TRIA.
