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PIA "Shocked and Dismayed" at Senate Inaction on TRIA

As a result of inaction by the U.S. Senate, the Terrorism Risk Insurance Act (TRIA) is expected to lapse on December 31, 2014...
December 23, 2014

As a result of inaction by the U.S. Senate, the Terrorism Risk Insurance Act (TRIA) is expected to lapse on December 31, 2014.

PIA expressed shock and dismay that Congress adjourned without doing its job by passing a long-term renewal of TRIA, especially at a time of increasing terrorist threats.

"Disagreement won the day and politics took precedence over protecting the American people," said PIA National Executive Vice President & CEO Mike Becker. "There was overwhelming bipartisan support to renew TRIA, with both parties showing strong leadership to get a compromise deal done in recent weeks. That support was nearly unanimous, with the House approving the TRIA renewal deal 417-7 on December 11, and with the Senate having already passed a similar version 93-4 last July."

Oklahoma Republican Sen. Tom Coburn placed a hold on S. 2244, the TRIA renewal bill which was passed by the House. He objected to a provision in the bill creating the National Association of Registered Agents and Brokers (NARAB II), a national insurance agents' licensing group designed to facilitate multi-state licensing. PIA supports NARAB II. Sen Coburn refused to remove his hold, preventing the Senate from debating and voting on the bill.

The Senate could have done the procedural work to pass S. 2244 over Coburn's objection, but that process would have taken several days and forced the Senate to remain in session. Instead, the Senate adjourned for the year at 10:44 p.m. Eastern Time on Dec. 16, 2014.

PIA Statement on Senate Failure to Extend TRIA (Insurance News Net 12/17/14)
Why TRIA Failed in the Senate (PIA article in PC360 12/18/14)

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