The Risk and Insurance Management Society (RIMS) said today itstrongly supports the revision of the Terrorism Risk Insurance Act,or TRIREA, H.R. 2761, as passed by the House Financial ServicesCommittee late Wednesday afternoon.

RIMS said it commends the members of the full committee, as wellas the members of the Capital Markets, Insurance and GovernmentSponsored Enterprises Subcommittee, for their commitment in workingtoward passage of this important legislation.

“RIMS has been a strong supporter of the Terrorism RiskInsurance Act (TRIA) program from its inception,” said TerryFleming, member of RIMS board of directors and director of riskmanagement for Montgomery County, Md. “We are pleased that thebill, as passed by the House Financial Services Committee, makessome significant improvements to the program. We are alsoencouraged to see that the committee was able to work together–onboth sides of the aisle–to tackle the difficult issuesinvolved.”

He added, “We look forward to and urge the passage of this billwhen it comes before the full U.S. House of Representatives.”

Some key provisions of the bill include extending the durationof the program to 15 years; structuring make-available nuclear,biological, chemical and radiation (NBCR) coverage in a way thatoffers support and flexibility for smaller insurers; eliminatingthe distinction between foreign and domestic terrorism; and thelowering of the program's trigger level.

“The extension of the TRIA program is essential for the economicwell-being of our nation, and changes such as those incorporated inH.R. 2761 go a long way in making a good program even better,” Mr.Fleming said.

For more information on RIMS legislative activities, visitwww.RIMS.org/LegislativeAction.