Connecticut Congressional Delegation - TRIA
Connecticut's deputy insurance commissioner sent a letter to the state's Congressional delegates last week, asking that the delegation impress upon its leadership in the House and Senate the urgency with which the Terrorism Risk Insurance Act (TRIA) must be reauthorized when the new Congress convenes next month.
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STAT E OF CO N NE CTI CUT
INSURANCE DEPARTMENT
December 22, 2014
The Honorable Richard Blumenthal
United States Senator
90 State House Square, I Olh FI
Hartford, CT 06106
The Honorable Joseph D. Courtney
2nd District Congressman
55 Main Street, Suite 250
Norwich, CT 06360
The Honorable lames S. Himes
4th District Congressman
888 Washington Blvd, lOth FI
Stamford, CT 0690 I
The Honorable Christopher Murphy
United States Senator
One Constitution Plaza, 71h Floor
Hartford, CT 06 103
The Honorable Rose L. DeLauro
3rd District Congresswoman
59 Elm Street
New Haven, CT 06510
The Honorable Elizabeth Esty
51h District Congresswoman
114 W Main Street
Old Post Office Plaza
New Britain, CT 06051
The Honorable lohn B. Larson
151 District Congressman
221 Main Street, 2nd Floor
Hartford, CT 06 106
To The Connecticut Congressional Delegation:
Thank you for your support for the reauthorization of the Terrorism Risk Insurance Act (TRIA). As a delegation
representing the Insurance Capitol, you understand full well the importance of reauthorizing the federal Terrorism
Risk Insurance Act and its implications to both the state's signature industry and the people, industries and projects
it protects.
The Connecticut Insurance Department is proud of the support our delegation has voiced throughout the process and
it asks that the delegation impress upon its leadership in the House and Senate the urgency with which the TRIA
must be reauthorized. It is imperative that TRIA be among the first orders of business when the I 141h Congress
convenes in the New Year.
The Department has heard first hand that industry leaders representing a significant market share are already
reassessing their risk exposures and pricing. We are aware that some carriers have already begun to decline offers to
quote new business in what has been traditionally identified as vulnerable markets. Ultimately, without swift action
in the beginning days of the I 141h Congress, carriers have intimated their intent to withdraw from certain segments
of the market by opting not to underwrite new coverage or renew existing policies.
As the domicile state of several of the largest property casualty insurers in the United States, the Department is
closely watching industry's response to make sure that any potential change in coverage, price and availability is
done so with full compliance of state insurance laws and regulations . However, a very crucial component of the
Department's mission of consumer protection focuses on carrier solvency and ensuring that an insurer has the ability
to pay its claims. Therefore, it is incumbent upon Congress to act with all due haste and renew TRIA in order to give
the industry and its policyholders the financial security to conduct business going forward.
This unfinished business must be a top priority for the new Congress.
If the Department can be of further assistance, please do not hesitate to contact us.
Regards,
k~14
Anne Melissa Dowling, CFA
Deputy Insurance Commissioner
cc: Governor Dannel P. Malloy
L
www .ct.gov/cid
P.O. Box 816 • Hartford, CT 06142-0816
An Equal Opportunity Employer
INSURANCE DEPARTMENT
December 22, 2014
The Honorable Richard Blumenthal
United States Senator
90 State House Square, I Olh FI
Hartford, CT 06106
The Honorable Joseph D. Courtney
2nd District Congressman
55 Main Street, Suite 250
Norwich, CT 06360
The Honorable lames S. Himes
4th District Congressman
888 Washington Blvd, lOth FI
Stamford, CT 0690 I
The Honorable Christopher Murphy
United States Senator
One Constitution Plaza, 71h Floor
Hartford, CT 06 103
The Honorable Rose L. DeLauro
3rd District Congresswoman
59 Elm Street
New Haven, CT 06510
The Honorable Elizabeth Esty
51h District Congresswoman
114 W Main Street
Old Post Office Plaza
New Britain, CT 06051
The Honorable lohn B. Larson
151 District Congressman
221 Main Street, 2nd Floor
Hartford, CT 06 106
To The Connecticut Congressional Delegation:
Thank you for your support for the reauthorization of the Terrorism Risk Insurance Act (TRIA). As a delegation
representing the Insurance Capitol, you understand full well the importance of reauthorizing the federal Terrorism
Risk Insurance Act and its implications to both the state's signature industry and the people, industries and projects
it protects.
The Connecticut Insurance Department is proud of the support our delegation has voiced throughout the process and
it asks that the delegation impress upon its leadership in the House and Senate the urgency with which the TRIA
must be reauthorized. It is imperative that TRIA be among the first orders of business when the I 141h Congress
convenes in the New Year.
The Department has heard first hand that industry leaders representing a significant market share are already
reassessing their risk exposures and pricing. We are aware that some carriers have already begun to decline offers to
quote new business in what has been traditionally identified as vulnerable markets. Ultimately, without swift action
in the beginning days of the I 141h Congress, carriers have intimated their intent to withdraw from certain segments
of the market by opting not to underwrite new coverage or renew existing policies.
As the domicile state of several of the largest property casualty insurers in the United States, the Department is
closely watching industry's response to make sure that any potential change in coverage, price and availability is
done so with full compliance of state insurance laws and regulations . However, a very crucial component of the
Department's mission of consumer protection focuses on carrier solvency and ensuring that an insurer has the ability
to pay its claims. Therefore, it is incumbent upon Congress to act with all due haste and renew TRIA in order to give
the industry and its policyholders the financial security to conduct business going forward.
This unfinished business must be a top priority for the new Congress.
If the Department can be of further assistance, please do not hesitate to contact us.
Regards,
k~14
Anne Melissa Dowling, CFA
Deputy Insurance Commissioner
cc: Governor Dannel P. Malloy
L
www .ct.gov/cid
P.O. Box 816 • Hartford, CT 06142-0816
An Equal Opportunity Employer
