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The Terrorism Risk Insurance Act (TRIA) ( H.R. 3210 , Pub. L.   107–297 (text) (PDF) ) 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 . The Act "provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism." The Act was originally set to expire December 31, 2005, was extended for two years in December 2005, and was extended again on December 26, 2007. The Terrorism Risk Insurance Program Reauthorization Act expired on December 31, 2014.

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21-717: Zerzan is a Bohemian surname. Notable people with the surname include: Greg Zerzan , U.S. government official John Zerzan , primitivist philosopher References [ edit ] History of the State of Nebraska by A. T. Andreas (1882), Colfax County, Part 4 (cond.) Schuylar: Biographical Sketches Czechs in Nebraska HISTORY OF CZECHS (BOHEMIANS) IN NEBRASKA by Rose Rosicky, printed Omaha 1929, pages 52, 61, 152-154, 176-177, 199, 203, 349, 415. 457 [REDACTED] Surname list This page lists people with

42-556: A non-profit dedicated to finding a cure for Spinal Muscular Atrophy. He is also a board member of the Commodity Markets Council, a trade association serving members of the commodity derivatives marketplace. Zerzan formerly was a director at Koch Industries and served as counsel to the Committee on Energy and Commerce of the U.S. House of Representatives. In March 2019 Zerzan was appointed Deputy Solicitor of

63-417: Is different from Wikidata All set index articles Greg Zerzan Greg Zerzan is an attorney and former acting assistant secretary of the U.S Treasury under President George W. Bush. He has held several prominent posts in government and is a frequent speaker on markets and public policy matters. Zerzan is the youngest son of Charles J. Zerzan Jr. and Joan Kathan Zerzan. Charles Zerzan, Jr.

84-870: The Baltimore Sun , the National Football League denied rumors that it would cancel the Super Bowl over the issue. The act was set to expire on December 31, 2019, but was renewed under the 116th Congress as part of an omnibus spending bill, with President Donald Trump signing the Further Consolidated Appropriations Act, 2020 on December 20, 2019. The Act includes the Terrorism Risk Insurance Program Reauthorization Act of 2019 which further extends

105-751: The Further Consolidated Appropriations Act, 2020 ( H.R. 1865 , Pub. L.   116–94 (text) (PDF) ) which included the Terrorism Risk Insurance Program Reauthorization Act of 2019 extending the TRIA through December 31, 2027. The Senate approved the extension on December 19, 2019 by a vote of 71-23. The following day, President Donald Trump signed the bill into law. Before the September 11 attacks , business insurers generally neither charged for nor specifically excluded terrorism coverage. The scope of

126-685: The Secretary of Homeland Security and Attorney General , to be an act that is dangerous to human life, property, or infrastructure and to have resulted in damage within the U.S. (or outside the U.S. in the case of a U.S.-flagged vessel, aircraft or premises of a U.S. mission). It must be committed as part of an effort to coerce U.S. civilians or to influence either policy or conduct of the U.S. Government through coercion. The definition includes both foreign and domestic terrorists. The Secretary may not delegate this certification authority and his or her decision to either certify or not certify an act of terrorism

147-546: The U.S. Treasury Zerzan was one of the foremost proponents of reform of the Government Sponsored Enterprises , early on calling for regulatory improvements to limit the systemic risk the entities posed to the US financial system. Zerzan was also a strong proponent of tax cuts and reducing the size of US government programs, which he felt posed an unacceptable risk to U.S. taxpayers. Zerzan also oversaw

168-440: The surname Zerzan . If an internal link intending to refer to a specific person led you to this page, you may wish to change that link by adding the person's given name (s) to the link. Retrieved from " https://en.wikipedia.org/w/index.php?title=Zerzan&oldid=1250767853 " Categories : Surnames Czech-language surnames Hidden categories: Articles with short description Short description

189-554: The 9/11 attacks and the resulting $ 40 billion estimated insured loss changed perceptions dramatically. It was the worst terrorist attack on record for both property and fatalities and the worst international attack on American soil since the Japanese surprise attack on Pearl Harbor , as nearly 3,000 people lost their lives in New York City , Washington, D.C. , and Stonycreek Township near Shanksville, Pennsylvania . Much of

210-499: The House of Representatives voted 416-5 to approve the Terrorism Risk Insurance Program Reauthorization Act of 2015 , ( H.R. 26 , Pub. L.   114–1 (text) (PDF) ) extending the TRIA through December 31, 2020. The Senate approved the extension the day after by a vote of 93-4. On January 12, 2015, President Barack Obama signed the extension into law. On December 17, 2019 the House of Representatives voted 297-120 to approve

231-682: The TRIPRA for an additional 7 years, expiring on December 31, 2027. The Secretary of the Treasury oversees the Terrorism Insurance Program, with the assistance of the Federal Insurance Office. The Secretary has authority to establish regulations and procedures to implement TRIA. The term "act of terrorism" is defined in the act as: any act certified by the Secretary of the Treasury , in concurrence with

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252-604: The U.S. Department of the Interior. He played a key role in managing the legal operations of the department, including defending the decision to keep National Parks open during the December 2018-January 2019 U.S. government shutdown. In November 2018 Zerzan was appointed to serve on the National Security Commission on Artificial Intelligence. Terrorism Risk Insurance Act On January 7, 2015

273-529: The financial cost from the 9/11 attacks fell on reinsurers (that further spread the risk assumed by primary insurers). Unable to accurately model or price terrorism exposures, reinsurers largely withdrew from the market for terrorism coverage. Without reinsurance, primary insurers were then compelled to exclude terrorism. Most state insurance regulators approved terrorism exclusions for use by primary insurers. Many businesses were not able to purchase insurance protection against future terrorist attacks. This situation

294-418: The insurance industry to recover all or a portion of the federal payments." The act expired on December 31, 2014, but was renewed at the start of the next congress, with President Barack Obama signing the extension on January 12, 2015. Many experts warn that "construction projects could be stalled and commercial loans on shopping malls, utilities and skyscrapers could be in jeopardy." In addition, according to

315-569: The office of Terrorism Risk Insurance Program, and was responsible for managing the implementation of the Terrorism Risk Insurance Act . After leaving the US Government Zerzan became counsel and head of global public policy for ISDA , which is the financial trade association which oversees the over-the-counter derivatives industry. In this position Zerzan worked with government and industry leaders around

336-701: The state house and Senate. He was a member of the Delta Zeta chapter of the Sigma Chi Fraternity and alumnus of the Order of Triple Omega. Zerzan has worked in several prominent positions in the U.S. government, starting with his service as counsel and general counsel to the U.S. House Committee on Agriculture. He later became senior counsel to the House Committee on Banking, and the House Committee on Financial Services. In these positions he

357-508: The types of insurance included in the act. Congress extended and amended TRIA in December 2005 and December 2007. Following enactment of the 2007 TRIA extension, the Congressional Budget Office forecast a net federal budget cost of $ 0 for TRIA through 2017. "Under TRIA, the federal government would help insurers cover losses in the event of a terrorist attack under certain conditions, and would also impose assessments on

378-536: The world to help manage policy related to privately negotiated risk management contracts. Zerzan frequently testified before the United States Congress and appears on television and in print discussing matters related to markets and U.S. government policy. Zerzan is also a senior fellow at the law school of the University of Melbourne , Australia . Zerzan serves on the board of Cure SMA,

399-637: Was a noted physician and decorated military officer; Zerzan's grandfather, Charles Zerzan Sr., was likewise a distinguished U.S. Army veteran. Joan Zerzan was a noted Oregonian widely respected for an array of talents. Zerzan grew up in Portland, Oregon , and attended both undergraduate and law school at Willamette University in Salem, Oregon . While at Willamette he worked in the Oregon State Legislature as an aid to various members of

420-528: Was a serious threat to industries where lenders and investors required terrorism protection for their investments. Real estate, transportation, construction, energy, and utility sectors of the economy were vulnerable, creating broader threats to the national economy. Congress responded by enacting TRIA in November 2002 to provide a government reinsurance backstop in case of large-scale terrorist attacks, requiring that business insurers offer terrorism coverage for

441-709: Was instrumental in helping create legislation such as the Commodity Futures Modernization Act, the Gramm-Leach-Bliley Act, and the Sarbanes-Oxley Act . In March 2003, Zerzan was appointed deputy assistant secretary for Financial Institutions Policy in the Administration of President George W. Bush . Later Zerzan became acting assistant secretary of the Treasury for Financial Institutions. While at

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