“A long-term TRIA extension, like the one included in the House-passed TRIA bill, is a requisite for economic stability and critical to the full redevelopment of lower Manhattan.  The seven-year extension passed by the Senate still poses a significant risk to the markets and New York’s long-term economic development.   

“I applaud the Senate for passing TRIA, but I hope the final conference bill that passes Congress will include the longer, 15-year extension.”

Background:

TRIA provides a federal backstop to the insurance industry by providing compensation for a portion of insured losses resulting from acts of terrorism.  TRIA was first passed in the wake of the 9/11 terrorist attacks as a temporary three-year program, and then later extended through 2007.  Without another extension, TRIA will expire at the end of this year, leaving many risk insurance policyholders unable to obtain coverage. 

September 19, 2007: Terrorism Risk Insurance Bill Clears House http://maloney.house.gov/index.php?option=content&task=view&id=1454&Itemid=61

March 5, 2007: House Holds NYC Hearing on Extension of Terrorism Risk Insurance Acthttp://maloney.house.gov/index.php?option=com_content&task=view&id=1299&Itemid=61

December 17, 2005: Terrorism Risk Insurance Extension Gains Final Passage
http://maloney.house.gov/index.php?option=com_content&task=view&id=1026&Itemid=61

June 30, 2005: Bush Administration Claims Terrorism Risk Insurance is No Longer Necessaryhttp://maloney.house.gov/index.php?option=com_content&task=view&id=70&Itemid=61

June 17, 2002: Maloney, Corzine Call for Swift Passage of Terror Reinsurance Legislation 
http://maloney.house.gov/index.php?option=com_content&task=view&id=588&Itemid=61

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