Congress has adjourned and failed to pass TRIA. The program will officially end on December 31st, 2014. The next Congress will have a chance to reauthorize it in January when they reconvene. The House approved what the insurance community thought would be the final version of the bill on December 10th. The Senate was expected to pass the bill at the last minute this week without much partisan dispute, however, Oklahoma Republican Senator Tom Coburn, set to retire, voiced his opposition and effectively killed progression of the bill. “It’s unfortunate, but his objection is going to kill TRIA,” Majority Leader Harry Reid, a Nevada Democrat, said last night on the Senate floor. “I’m very sorry about that, but it’s a fact.” Insurance companies can begin cancelling terrorism coverage on January 1st.
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