On June 18, Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, joined a bipartisan group of 23 members of Congress to introduce H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA). The legislation would extend the Terrorism Risk Insurance Act, set to expire at the end of the year, for an additional 10 years and make several improvements to the existing program.
Some of the notable changes to the bill are the elimination of the distinction between "foreign" and "domestic" acts of terrorism; encouragement of greater availability of insurance against nuclear, biological, chemical, and radiological (NBCR) attacks; and the addition of group life insurance to the covered lines.
On June 21, the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the House Committee on Financial Services held a hearing on TRIREA. Christopher Nessetta, President and CEO of Host Hotels & Resorts Inc. and Chairman of The Real Estate Roundtable, testified in support of the legislation on behalf of the Coalition to Insure Against Terrorism (CIAT), of which BOMA Intl. is a member.
This information was extracted from the July 5, 2007, Currents e-newsletter, published by the Building Owners and Managers Association (BOMA) Intl. To read the complete newsletter,click here.
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