President Bush signed H.R. 2761 into law yesterday, extending TRIA by seven  years. The Terrorism Risk Insurance Reauthorization and Extension Act (TRIREA) expires on December 31, 2014. The House-Senate compromise covers domestic acts of terror and provides that the government will pay $100 billion of the aggregate losses for a conventional attack once insurers have paid out a 20 percent deductible.

TRIREA also mandates a year-long study of the need to cover nuclear, biological, chemical and radiological attacks (NBCRs).

The trigger or level of losses at which TRIREA kicks in is $100 million.