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Home > Home Insurance News > The Hartford Welcomes New Law that Extends the Terrorism Risk Insurance Act
The Hartford Welcomes New Law that Extends the Terrorism Risk Insurance Act
Signed by President Bush today, will continue the successful public-private management of terrorism risk
HARTFORD, Conn., December 27, 2005 - The Hartford Financial Services Group, Inc. (NYSE: HIG), one of the nation's leading providers of investment and insurance products, commends Congress and President Bush for enacting critical legislation today that will extend the Terrorism Risk Insurance Act of 2002 (TRIA).
After months of negotiation, Congress recently delivered a final bill to the President for approval. The newly-signed law is a bipartisan compromise that continues, in modified form, the original TRIA legislation until the end of 2007.
Lawmakers passed TRIA after the Sept. 11 attacks to help restore confidence in America and effectively manage the risk of terrorism on our soil. Under the law, the federal government partners with the insurance industry, serving as an insurer of last resort to protect against catastrophic terror attacks that could threaten the health of the economy.
TRIA was set to expire on Dec. 31, 2005, which meant an extension was essential before the end of this month.
"With its deadline so close, this extension to TRIA is an important achievement that will help to keep America and its economy safe," said Ramani Ayer, Chairman, president and CEO of The Hartford and a leading advocate for a continued public-private partnership for terrorism insurance. "We're grateful to the administration and Congress, who recognize that the threat of terrorism cannot be managed by the insurance industry alone."
The Hartford is one of the largest financial services and insurance companies in the U.S., with worldwide revenues of $22.7 billion in 2004. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property-casualty insurance. International operations are located in Japan, Brazil and the United Kingdom.
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