Spending Bill Includes NFIP, TRIA Reauthorizations
Congress has passed a major spending bill that includes renewals of the National Flood Insurance Program (NFIP) and Terrorism Risk Insurance Act (TRIA). The bill was first passed by the US House of Representatives on December 17, 2019, before it was voted on and passed by the Senate on December 19, 2019, the eve of the NFIP’s expiration.
The bill renews the NFIP until September 30, 2020, and TRIA for an additional seven years. TRIA originally would have expired on December 31, 2020.
Members of the insurance industry from organizations such as the American Property Casualty Insurance Association (APCIA) and National Association of Mutual Insurance Companies (NAMIC) have applauded the TRIA extension.
“This is a great example of how Congress got their job done, on time, with the interest of the American people at the forefront,” said Nat Wienecke, Senior Vice President of Federal Government Relations for APCIA. “Because TRIA is critical to the stability of the nation’s economy, businesses of all sizes, and the insurance markets, Congress enacted the Program well before it was set to expire. This is a job well-done.”
The bill will now be sent to President Donald Trump, who is expected to sign the legislation and enact it into law.