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Treasury Extends the 'Make Available' Provisions of the TRIA

By ALM Staff | Law Journal Newsletters |

The Treasury Department announced on June 18 that it will extend the “make available” provisions of the Terrorism Risk Insurance Act (TRIA) through 2005, the third year of the federal Terrorism Risk Insurance Program.

The “make available” provisions require that, from the date of enactment (Nov. 26, 2002) through the last day of the second year of the program (Dec. 31, 2004), each insurer must make available, in all of its commercial property and casualty insurance policies, coverage for losses due to covered acts of terrorism that does not differ materially from the terms, amounts and other coverage limitations applicable to losses arising from events other than acts of terrorism. This decision is triggered by the TRIA, which requires that the Secretary of the Treasury determine whether the “make available” provisions should be extended through the third and final year of the program by Sept. 1, 2004. Additionally, the TRIA mandates that the Treasury complete a study of the effectiveness and success of the overall Act by June 2005. This comprehensive study is independent from the “make available” determination.

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