The newly passed US Terrorism Risk Insurance Program Reauthorization Act (Tripra) could leave small, monoline insurance companies without adequate federal support in a terrorist event, a trade association has warned.
Tripra passed the House of Representatives by 416–5 votes on January 7 and the Senate by 93–4 on January 8. It was signed into law by President Obama on January 12. The passage of the act reinstates a federal backstop effectively reinsuring undertakings' terrorism risk exposure abov
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