Renew Terrorism Reinsurance Program, NY Lawmakers Urge

Law360, New York (June 20, 2013, 3:17 PM EDT) -- The New York Assembly on Wednesday adopted a resolution pressing the state's congressional delegation to work to quickly renew the Terrorism Risk Insurance Act of 2002, as New York City considers passing its own resolution voicing support for an extension of the federal terrorism reinsurance program.

The Assembly voted in favor of Resolution K611, which stresses to federal lawmakers that TRIA is essential for a viable and stable terrorism risk insurance market. The backstop, which is set to expire at the end of 2014, provides reinsurance...
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