The House Financial Services Committee passed on August 3 the Terrorism Risk Insurance Revision and Extension Act of 2007 (H.R. 2761), which will extend the Terrorism Risk Insurance Act (TRIA) by 15 years and may help spur the further development of a private market for terrorism risk insurance.
After the attacks of 9/11, many insurance companies excluded terrorism events from their insurance policies. As a result, Congress passed TRIA in 2002 as a temporary three-year program, which created federal protection from against terrorism related losses. In 2005, the measure was extended to 2007, and will expire at the end of this year if no action is taken.