US House Passes TRIA Extension
A bill that would extend the Terrorism Risk Insurance Act (TRIA) for an additional seven years has been passed by the US House of Representatives with a vote of 385-22. The TRIA program was first created following the terrorist attacks of September 11, 2001, and has been reauthorized three times since in 2005, 2007, and 2015.
The reauthorization bill was first introduced in the House on October 11, 2019, and was referred to the House Committee on Financial Services, which introduced and passed an amended version.
A companion bill was introduced in the US Senate on November 14, 2019, and is scheduled for a hearing by the Senate Banking, Housing, and Urban Affairs Committee on November 20, 2019.
The National Association of Professional Insurance Agents (PIA National) has issued a statement in support of the bill’s passage.
“The House passage of TRIA over a year in advance of its expiration is a breath of fresh air and will be welcomed by policyholders and the market,” said Jon Gentile, PIA National Vice President of Government Relations.
Without the extension, the TRIA program would expire on December 31, 2020.