Call For Tort Reforms May Jeopardize TRIA Extension

Washingto--Renewed efforts by Republicans in the Senate to impose tort reform standards in any extension of the Terrorism Risk Insurance Act may complicate efforts ...

By Arthur D. Postal | Updated on March 18, 2005

Washingto–Renewed efforts by Republicans in the Senate to impose tort reform standards in any extension of the Terrorism Risk Insurance Act may complicate efforts to draft legislation keeping the reinsurance backstop in place beyond its Dec. 31 sunset.

Debate over similar concerns went down to the wire in November 2002 before the original TRIA bill was finally passed, with most of the last-minute delay caused by Republican insistence on some language curbing the ability of plaintiff lawyers to sue for punitive damages in cases arising out of a terrorism attack. On the other hand, strong tort language is a bill-killer for Democrats.

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