What does TRIREA stand for?

The Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) will include provisions to: Extend TRIA for 15 years with current co-payments and deductibles for conventional terrorism acts; Expand TRIA's "make available" requirement to include NBCR coverage; Change TRIA's definition of terrorism to include acts of domestic terrorism; Set the program trigger at $50 million; Add group life insurance to the lines of insurance for which terrorism coverage must be made available; Decrease deductibles for terrorist attacks over $1 billion and decrease the trigger after such events; and, Continue to require studies of the development of a private market for terrorism risk insurance.

2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) would extend the original Terrorism Risk Insurance Act (TRIA) for 10 years and is designed to spur the development of a private market for terrorism-risk insurance.

House of Representatives' vote that overwhelmingly approved the Terrorism Risk Insurance Revision and Extension Act of 2007, several trade groups have expressed concerns about a bill provision that would expand coverage for nuclear, biological, chemical and radiological events, according to a story in BestWeek U.