Many in the insurance industry breathed a sigh of relief on January 12 when President Obama signed into law the much-anticipated Terrorism Risk Insurance Program Reauthorization Act of 2015. And that’s understandable. The law reauthorized the Terrorism Risk Insurance Act (TRIA), the federal backstop that’s provided insurers with the confidence to offer terrorism insurance in a post-9/11 world.
But the latest TRIA story isn’t over yet. The law includes a number of modified and new provisions: some that are relatively simple and others that leave the door open for future revisions that could significantly change the landscape of terrorism insurance.