President Obama Signs TRIA Renewal Bill Into Law

President Barack Obama signed into law on Monday a bill that renews for six years a terrorism risk insurance program created in response to the Sept. 11, 2001, attacks, the White House said.

The program provides a federal insurance backstop for owners of skyscrapers, sports stadiums, shopping malls and large projects that could face terrorism threats.

The law also includes measures that exempt ranchers, energy businesses and other “end users” of derivatives from certain capital requirements that are part of the 2010 Dodd-Frank financial reform law.

White House spokesman Josh Earnest told reporters the administration was disappointed the bill included the unrelated measures, but he had acknowledged that Obama would sign it anyway.

 

Posted By: Insurance Journal January 13, 2015

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