On January 12, President Obama signed a six year re-authorization of TRIA, which comes as good news for small business owners. Had TRIA not been reauthorized, it would have resulted in considerable increases in property and casualty coverages, especially Workers’ Compensation insurance. For the first time since TRIA was first created in 2002, a period of time existed where government support in the event of a massive terrorist attack did not exist. The good news is that it was less than two weeks.
Nat Wienecke, Senior Vice President for the Property Casualty Insurers Association of America praised the President for signing the bill. “The overwhelming bipartisan votes in the House and Senate are a testament to the need for this critical program to preserve economic certainty today and provide for economic resiliency in the face of a catastrophic terrorist event,”Wienecke said.
While the terrorist attack in Paris serves as a reminder that large scale terrorist attacks are still possible, it is unlikely that the Charlie Hebdo massacre expedited passage of the bill, given the lopsided vote in Congress.
Both the House and Senate overwhelmingly approved the bill, but it did not come without controversy. The bill included provisions to change the 2010 Dodd-Frank Wall Street Reform Law. Kevin Cirilli, writing for The Hill speaks to the political issues in Obama signs TRIA despite Dodd-Frank provision.
While political wrangling over Dodd-Frank is likely to continue, the good news is that the business community can breathe a bit easier for the next six years.
For more information on what the extension of the TRIA means for your small business, please reach out to Genesis HR Solutions at AskUs@genesishrsolutions.com or 800-367-8367.
Genesis HR Solutions is the premier PEO provider for Massachusetts based businesses.