WASHINGTON (9/24/13)--The Senate Banking Committee has scheduled a hearing on "Reauthorizing TRIA (Terrorism Risk Insurance Act): The State of the Terrorism Risk Insurance Market" for Wednesday at 10 a.m. (ET).
TRIA, which requires property and casualty insurers to offer coverage for foreign acts of terrorism on U.S. soil and provides a federal backstop for that coverage, is scheduled to expire at the end of 2014. The Senate panel hearing follows one last week by the House Financial Services Committee on the same topic.
The Credit Union National Association also will be following these other committee sessions this week:
Of course the scheduled committee actions occur to a back drop of debate on a continuing resolution to fund government agencies in lieu of a formal appropriations bill. A continuing resolution must be enacted before Oct. 1 to avoid a shutdown of the federal government.