President Obama Signs TRIA Renewal into Law

On Monday, President Obama signed into law the TRIA reauthorization bill that passed overwhelmingly in both the House and the Senate last week. TRIA, which lapsed on December 31, 2014, is now officially renewed for six more years through 2020. The renewed legislation triggers government assistance at $200 million (increased from $100 million) of aggregate losses from a terrorist attack and sets insurance companies’ co-payments at 20 percent, to be phased-in over 5 years. The legislation also creates an association that will license insurance agents to operate outside their home states under the National Association of Registered Agents and Brokers and amends the Dodd-Frank Act by exempting non-financial companies from being required to post collateral on derivatives trades. TRIA’s renewal had wide bipartisan support and was a top priority of the new Congress.