The Consumer Federation of America is reminding Senate leaders that it wants them to kill, or at least scale back, the federal Terrorism Risk Reinsurance Act program.[@@]
The TRIA program, enacted in the wake of the Sept. 11, 2001, terrorism attacks, is scheduled to expire Dec. 31. The current program provides limited federal protection for property-casualty insurers that face huge claims resulting from large terrorist attacks.
J. Robert Hunter, insurance director at the CFA, Washington, opposed the creation of TRIA and has been working since TRIA was enacted to keep Congress from extending it.
Now industry lobbyists doubt Congress can extend the program before mid-December, at the earliest.