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What is the Terrorism Risk Insurance Act of 2002?

April 26, 2017ACT Insurance risk terrorism

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What is the Terrorism Risk Insurance Act of 2002?

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It is a bill that was passed by the U.S. House on Nov. 14. On November 19 the US Senate approved it. President Bush signed the legislation into law on Nov. 26, 2002 and the Terrorism Risk Insurance Act took effect that day. It applies to commercial property and casualty insurers who are licensed or admitted to do business in any state.