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Congress Adjourns Without Extending TRIA

Congress adjourned for a five-week recess on August 1, 2014, with legislation to renew the Terrorism Risk Insurance Act (TRIA) stalled in the House...
August 7, 2014

Congress adjourned for a five-week recess on August 1, 2014, with legislation to renew the Terrorism Risk Insurance Act (TRIA) stalled in the House.

Just two weeks earlier, TRIA renewal appeared to be imminent. The U.S. Senate, in a rare display of bipartisanship, passed a bill that would reauthorize the program for seven years. The vote for S. 2244 was 93-4. PIA worked closely with the Senate during the reauthorization process and is pleased S. 2244 includes provisions we have been advocating for, such as a long-term reauthorization and a low trigger level, which remains unchanged from the current program in the bill.

A divided House Financial Services Committee had advanced its own bill, H.R. 4871 in June, which reauthorizes TRIA for five years, and passed it on a party-line vote of 32-27. H.R. 4871 has many differences from the Senate bill and makes a number of changes to the program, such as dramatically raising the trigger for government support to kick in from $100 million to $500 million. Once the committee passed H.R. 4871, progress in the House came to a halt. The result: an impasse.

What It Means to Agents: PIA is continuing our advocacy of encouraging as straightforward and long-term a reauthorization of TRIA as possible. PIA believes that there is an ongoing need for a terrorism insurance backstop. Our members need to provide their clients with terrorism insurance coverage and TRIA continues to be a critical priority.

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