Term Of the Day – Terrorism Risk Insurance Act
A Terrorism Risk Insurance Act of Worker Comp.Federal law signed into law by President Bush in 2002. . The Act created a federal “backstop” for insurance claims related to acts of terrorism. The Act is intended as a temporary measure to allow time for the insurance industry to develop their own solutions and products to insure against acts of terrorism.
The time frame of the act is:
- Expired December 31, 2005, but was extended for another two years
- December 2005, extended to December 31, 2007
- December 26, 2007, extended under TRIA through Dec. 31, 2014