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June 18, 2007 at 01:00 PM
A new House bill would add group life to the terrorism risk insurance program, extend the program for 10 years, and prohibit most use of travel destination information in underwriting.
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, and Rep. Michael Capuano, D-Mass., have introduced the bill, H.R. 2761, which would create the Terrorism Risk Insurance Revision and Extension Act of 2007.
The current TRIA law is set to expire at the end of the year.
Members of Congress have tried repeatedly to add group life to the Terrorism Risk Insurance Act program since 2001, but opposition from the Bush administration has blocked the addition of group life to TRIA each time.
In addition to extending and expanding TRIA, H.R. 2761 would require insurers to make coverage available to protect customers against chemical, biological and radiological terrorist attacks, but the bill also would provide more support for insurers affected by an NCBR attack than it would for insurers affected by a conventional attack.
The bill would add protection against acts of terrorism by U.S. citizens, and it calls for further study of the idea of developing a private terrorism insurance market.
The American Council of Life Insurers, Washington, praised lawmakers’ decision to include group life in the new TRIA extension bill.
