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H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) by a vote of 312-110. The legislation will extend the Terrorism Risk Insurance Act (TRIA) for fifteen years and help spur the further development of a private market for terrorism risk insurance.

"After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies. Congress had to step in when the private market failed,” Congressman Scott said. “This extension of the Terrorism Risk Insurance Act will provide stability for the commercial real estate markets and other industries at risk. Loans can be made with the certainty that a terrorist attack will not overextend the private insurance markets.” 

Since its enactment, TRIA has ensured the availability of affordable terrorism risk insurance in the marketplace and thereby fostered continued urban development and real estate development in the United States. While the TRIA program has successfully kept terrorism insurance affordable, the President’s Working Group on Financial Markets’ most recent report concluded that a private market for terrorism reinsurance is virtually nonexistent - especially with regard to nuclear biological chemical and radiological (NBCR) acts of terrorism. H.R. 2761 must now be approved by the Senate.

Congressman Scott is the senior Georgia representative on the House Financial Services Committee.