President Bush signed the Terrorism Risk Insurance Act of 2002 (“TRIA”), into law on November 26, 2002. TRIA was initially met with enthusiasm as the U.S. was still grappling with the economic and personal losses from the attacks on September 11, 2001. However, as time has passed, much of the enthusiasm for the substantial government backstop provided by TRIA has begun to wear off.
This article will endeavor to accomplish three things: first, to give you an overview of TRIA and its provisions; secondly, to place TRIA into context with some similar government reinsurance pools of other countries; and, finally, to analyze how TRIA should be extended, if at all.
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