California Insurance Commissioner issues statement regarding passage of Terrorism Risk Insurance Act
News: 2015 Press Release
SACRAMENTO, Calif. - "I commend Congress for taking quick action to reauthorize the Terrorism Risk Insurance Act (TRIA), which was first enacted in 2002 following the devastating 9/11 terrorist attacks. TRIA re-authorization received bipartisan support. When Congress initially allowed TRIA to expire on December 31, it created real concern over the availability and affordability of commercial insurance for businesses. National security experts have determined that in California there is a high risk for terrorism attacks on our major cities and public and private critical infrastructure. TRIA creates a public and private partnership to make sure that businesses can obtain insurance to cover that risk. Important segments of our state and national economies, including commercial real estate, mortgage lending, new construction, and businesses required by law to provide workers' compensation insurance, depend on an insurance marketplace that offers terrorism risk coverage -- TRIA helps make sure that happens. Congress did the right thing this week to protect businesses in California and across the nation and ensure our economic recovery will continue.
I appreciated the opportunity to work closely with California's business community and the insurance industry to make the case to Congress that TRIA must be re-authorized, including but not limited to the California Chamber of Commerce, California Realtors Association, California Property Owners Association, California Bankers Association, Associations of California Insurance Companies, and the Property and Casualty Insurance Companies Association."
Insurance Commissioner Dave Jones
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.