The Hartford Welcomes New Law that Extends the Terrorism Risk Insurance Act.Legislation, Signed by President Bush Today, will Continue the Successful Public-Private Management of Terrorism Risk
HARTFORD, Conn., Dec. 22 /PRNewswire-FirstCall/ -- The Hartford Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. Group, Inc. , one of the nation's leading providers of investment and insurance products, commends Congress and President Bush for enacting critical legislation today that will extend the Terrorism Risk Insurance Act The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. of 2002 (TRIA).
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After months of negotiation, Congress recently delivered a final bill to the President for approval. The newly-signed law is a bipartisan compromise that continues, in modified form, the original TRIA legislation until the end of 2007.
Lawmakers passed TRIA after the September 11 attacks September 11 attacks
Series of airline hijackings and suicide bombings against U.S. targets perpetrated by 19 militants associated with the Islamic extremist group al-Qaeda. to help restore confidence in America and effectively manage the risk of terrorism on our soil. Under the law, the federal government partners with the insurance industry, serving as an insurer of last resort insurer of last resort An insurance plan that accepts 'uninsurable' persons who have expensive and/or chronic diseases, and cannot obtain coverage at market rates. See Blues. to protect against catastrophic terror attacks that could threaten the health of the economy.
TRIA was set to expire on December 31, 2005, which meant an extension was essential before the end of this month.
"With its deadline so close, this extension to TRIA is an important achievement that will help to keep America and its economy safe," said Ramani Ayer, Chairman, President and Chief Executive Officer of The Hartford and a leading advocate for a continued public-private partnership for terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities.
It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very . "We're grateful to the administration and Congress, who recognize that the threat of terrorism cannot be managed by the insurance industry alone."
The Hartford is one of the largest financial services and insurance companies in the U.S., with worldwide revenues of $22.7 billion in 2004. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property-casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is http://www.thehartford.com/.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2004 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
Contacts: Joshua King 860-547-2293 Joshua.King@thehartford.com Joe Loparco 860-547-3397 Joseph.Loparco@thehartford.com
CONTACT: Joshua King, +1-860-547-2293, Joshua.King@thehartford.com, or Joe Loparco, +1-860-547-3397, Joseph.Loparco@thehartford.com, both of The Hartford Financial Services Group, Inc.
Web site: http://www.thehartford.com/