JLT Insurance Management (USA) has published an update on the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), which is due to expire on 31 December.
The update includes a brief history, explains why the law is so important to captive and commercial insurance company customers and lists some of the most important features that may change with a new version.
For example, the most recent senate bill would keep the backstop trigger at $100 million, but raise both the deductible and copayment.
A version passed along to the House of Representatives for action from its Financial Services Committee would make more drastic changes, including increasing the trigger to $500,000 for traditional terror acts, but leaving the trigger the same for nuclear, biological, chemical and radiological events.
A press release from JLT Insurance Management stated: “We believe the captive insurance industry—and, for that matter, American property owners—deserve and will see a bill near year’s end that may include some minor changes, but nothing of major significance. We will continue to keep you informed.”
