Today’s issue of WorkCompRecap features the recent announcement from Senator Chuck Schumer (D-NY) that he has reached a crucial bipartisan agreement on legislation that will reauthorize and extend the Terrorism Risk Insurance Act (TRIA) program, which is set to expire at the end of the year. The new legislation will extend the program for 7 years, with two changes: an increase in insurers’ co-pay from 15 to 20%, and an increase in the mandatory recoupment threshold from $27.5 to $37.5 billion.
Marsh & McLennan also released a statement about the news, saying that they were encouraged by the action, especially after noting unease in insurance markets, particularly workers comp and property, due to uncertainty surrounding the program’s reauthorization. You can also read more about Marsh’s research on Workers’ Comp related effects in this recent WCW post!