H.R. 2761 Signed Into Law

Terrorism Risk Insurance Program Reauthorization Act of 2007, TRIPRA, or H.R. 2761 was signed into law by President Bush which effectively extends the tenure of the federal terrorism insurance program that was set to expire at the end of the year. This piece of legislation lengthens the federal backstop for another seven years with terms similar to that of the existing program. Moreover, this will modify the meaning of terrorism which would include domestic acts of terrorism and would necessitate ongoing reports to Congress for the inclusion of the coverage of group life and nuclear, chemical, biological and radiological events or NBCR. This step is seen as fostering certainty for the insured and continuously encouraging increased capacity for the private market.