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New Congress, TRIA, and Workers’ Compensation


New Congress, TRIA, and Workers’ Compensation

The New Congress library
Wikimedia Commons – Josh

The New Congress, TRIA, and Workers’ Compensation all are very important keeping WC as a viable marketplace.

Over the holidays,  many articles were published on the throes of not having TRIA (Terrorism Reinsurance Act).    Some articles made it seem like the sky would fall without TRIA.

TRIA was a great backstop for settling the nerves of the Workers Comp insurer community over the last decade+.   One has to remember that WC is built for accidents to happen, so to speak.

For instance, a business buys a fire policy that has a very low expectation of any type of occurrence.  WC is built more around the fact that accidents do happen more often in the workplace than a boiler explosion.

TRIA was a great bargain for employers.   If you look at your WC policies and audits, a very minute % of your total premiums was charged for TRIA.  If there had been a terrorist attack of large proportions, this would have been a great way to sustain the WC market temporarily so that the subsequent policies would have priced most employers out of the market.

Unless, I am mistaken, there was never an actual claim again TRIA, so the very small %’s had no associated claims.   The proof was in the pudding, so to speak , when Congress did not renew the TRIA provisions.

USA New Congress Picture
Wikipedia – Susan Sterner

The WC market fared well even without the TRIA considerations.   There has been no market panic and carriers still wrote the same companies in the voluntary market.  You may want to follow the link in this paragraph as the authors did a bang-up job on TRIA.  (Kudos)

As the article points out, a quick-fix may be in the offing.   However, as the article also points out, even without TRIA, the WC market was business as usual.

TRIA may someday be a reminder of the states that thought PIP insurance for autos was the only way to coverage drivers properly.

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications


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