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TRIA Renewal Hits a Bump in the Road

The effort to secure a long-term reauthorization of the Terrorism Risk Insurance Act has become more complicated...
May 14, 2014

The effort to secure a long-term reauthorization of the Terrorism Risk Insurance Act (TRIA) has become more complicated. A plan backed by House Financial Services Committee insurance subcommittee Chairman Randy Neugebauer (R-Texas) would renew TRIA for only three years and put more risk on insurers by requiring the industry to hit a $500 million threshold, up from $100 million today, before the government could start covering losses outside of nuclear, biological, chemical and radiological (NBCR) attacks.

The insurance industry and some leading Republicans are now expressing some concern about the Neugebauer proposal. PIA also has serious concerns about the draft Neugebauer proposal. We believe it has the potential to do more harm than good. PIA strongly supports a long-term reauthorization of TRIA and has endorsed Rep. Michael Grimm’s legislation that would ensure a straightforward five-year reauthorization, the TRIA Reauthorization Act (H.R. 508) and companion Senate legislation (S. 2244). PIA has been attending a series of private meetings with lawmakers in the past week discussing TRIA renewal.

PIA Reaffirms Its Position on TRIA Renewal (PIA 5/6/14)

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