Tag Archives: federal

TRIA Reauthorization Status and the Consequences for Workers’ Comp

UPDATED: Scroll to the bottom for the latest developments.
The original Terrorism Risk Insurance Act (TRIA) was passed in the wake of the September 11th, 2001 terrorist attacks and signed into law by then-President George W. Bush on November 26th, 2002. Essentially, the law created a federal “backstop” for insurance claims related to terrorist attacks. Claims from a terrorist attack go far beyond property damage and can become an immense mass of claims for insurers in the life, health and workers’ compensation arenas in particular. TRIA has been reauthorized, with modifications, twice since 2002 – once in 2005 and once in 2007. Without Congressional action this month, the act will expire on December 31st, 2014.