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PIA Urges New Congress to Pass Long-term Renewal of Terrorism Risk Insurance Act (TRIA)

WASHINGTON – The National Association of Professional Insurance Agents is urging Congress to make a long-term renewal of the Terrorism Risk Insurance Act its first priority in 2015...
January 5, 2015

WASHINGTON – The National Association of Professional Insurance Agents (PIA) is urging Congress to make a long-term renewal of the Terrorism Risk Insurance Act (TRIA) its first priority in 2015.

“Since the program lapsed January 1, it is imperative Congress act immediately on this important issue,” said PIA National Executive Vice President & CEO Mike Becker, in a letter to members of Congress. “Disruption in the terrorism insurance marketplace is already being felt. PIA urges Congress to do the responsible thing and pass this bill, or similar legislation, to provide a long-term, straightforward reauthorization of TRIA before the program’s lapse causes serious damage to the U.S. economy and our national security.”

In the closing weeks of the 113th Congress, there was near-unanimous bipartisan support for a compromise bill (S. 2244) for a six-year reauthorization of TRIA. The House approved the bill 417-7 on December 10. Then, despite a great deal of support, it failed in the Senate due to an unrelated provision and procedural tactics.

“PIA calls on Congress to finish the work that was left undone, so the American people will not be unprotected in the event of a terrorist attack,” Becker said. “It is critical that Congress provide a long-term extension of TRIA to give certainty to consumers and stability to the markets.”

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street AmericaSM. PIA’s web address is www.pianet.com.

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