LONDON - Aon  (NYSE: AON) a leading global provider of risk management solutions, today commented on the swift action of the U.S. Senate in passing a six-year extension of the Terrorism Risk Insurance Act.

This action complements the passage of H.R. 26 by the House of Representatives Wednesday. The TRIA proposal will now move to the President's desk to be signed into law.

"Congress' reauthorization of TRIA is a win for the economy and American businesses. With the anticipated signing of the bill by President Obama, Aon is working closely with the insurance markets for 2015 renewals and with clients to clarify the impact on their businesses."

Key elements of the proposal are as follows:

• Retroactivity to be determined by regulatory guidance
• Increase in the program trigger of $20 million per year starting in 2016 up to $200m in 2020
• Insurer co-participation, currently at 15 percent, will increase under the Program by 1 percent per year beginning in 2016 up to 20 percent in 2020
• Changes in the Federal government's mandatory recoupment provision
• Starting in 2016, insurers will report terrorism premium, pricing, take-up rates, private reinsurance purchased, and location of exposures, annually

More information about TRIA is posted on Aon's resource site at www.aon.com/tria