HEMIC CEO Stresses Importance of TRIA

Marty Welch, chief executive officer for the Hawaii Employers’ Mutual Insurance Co., explained the importance of reauthorizing the Terrorism Risk Insurance Act of 2007 during a recent meeting with U.S. Sen. Mazie Hirono.Congress enacted TRIA in 2002 in response to the attacks of 9/11. The law, set to expire at the end of the year, provides a backstop to avoid an immediate drawdown of capital for insured losses.Welch told Hirono, former lieutenant governor of Hawaii and a key proponent of the 1996 legislation enabling the formation of HEMIC, that TRIA is particularly important to workers&...