American International Group, Inc. (AIG)

[TRUISM]

American International Group Inc (AIG) Pleased Congress Renews TRIA
BY STEVE VRIONIS · JANUARY 8, 2015 04:33 PM PST
Click For Link


AIG CEO, Peter Hancock


American International Group Inc (NYSE:AIG) President and Chief Executive Officer Peter Hancock released a statement regarding the re-authorization of the Terrorism Risk Insurance Act.



CEO Comments

“AIG is pleased that Congress has approved legislation to reauthorize TRIA, an important line of defense against the crippling effects terror is meant to have on our society; the enactment of this legislation will remove an economic uncertainty for our customers, their employees, and U.S. businesses in general.”

About the TRIA

The Senate today renewed the Terrorism Risk Insurance Act via a vote of 93 to 4. The vote extends the bill for six years. Along with AIG, the Real Estate Roundtable endorsed the move saying, TRIA is a policy tool against the potential economic fallout of terrorism and helps protect businesses nationwide from ongoing threats, and provides certainty to commercial real estate markets.

Proponents of the bipartisan bill have argued that without the program there wouldn’t be enough terrorism-insurance policies available and it could create problems in the commercial real estate market and more. The Congressional Budget Office earlier this week warned that Policyholders would have fewer insurers to choose from and will face higher premiums and lower coverage limits” if TRIA wasn’t re-authorized.

The bill which provides Federal program gradually increases the loss threshold that triggers federal assistance from $100 million to $200 million.

Bill clarifies parts of Dodd-Frank

The bill also includes language unrelated to terrorism insurance that would spare manufacturers, agricultural businesses and other non-financial entities from requirements that firms back up swaps with cash or other collateral.





TRUTH