9 January 2015
LMA to issue guidance on US Terrorism Risk Insurance Act (TRIA)
The Lloyd’s Market Association (LMA) has welcomed the news that the US Terrorism Risk Insurance Act (TRIA) is to be renewed, putting an end to the period of uncertainty that has prevailed over the holiday period.
TRIA was initially allowed to ‘lapse’ at 12:00 midnight on 31 December 2014 after the US Senate failed to authorize the Bill in December prior to their holiday recess. The House of Representatives in the US approved a Bill on Wednesday (7 January) that will extend TRIA for a further period of 6 years to expire on 31 December 2020. The Senate voted on and passed the Bill yesterday (8 January) and now that it has passed both chambers it will be sent to the US President, who is expected to sign the legislation into law.
David Gittings, CEO of the LMA, said: “The LMA has welcomed the news that the Senate has acted so quickly on TRIA in the new year to put to an end a period of considerable uncertainty for the Lloyd’s Market whilst Congress was in recess.
“Whilst the LMA were pleased to see such a positive response from Lloyd’s stand alone terrorism market to clients’ requests for cover during the period of confusion, the LMA has been in support of Lloyd’s and the industry’s lobbying position for the renewal of TRIA over the past 12 – 18 months and has been monitoring developments in Washington closely.
“Anticipating that the Bill will quickly be signed into law by the US President, it now enables us to focus on the immediate job in hand, which is to finalise our model (LMA) policy language, to ensure it is compliant with the requirements of the reauthorized TRIA program, and to produce practical guidance for our membership, working in close conjunction with Lloyd’s and their legal counsel.”
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Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
T 020 7623 2368
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £26 billion per annum.
For more information visit: www.lmalloyds.com