PIA National: Pass 10-Year TRIA Renewal
U.S. House Financial Services Committee Chair Maxine Waters (D-Calif.) introduced the Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634) to reauthorize the federal government’s terrorism insurance backstop for 10 years. The bill was referred to the House Committee on Financial Services and has 27 co-sponsors. The new bill would extend the expiration date of the reauthorization of the Terrorism Risk Insurance Act of 2002 from Dec. 31, 2020, to Dec. 31, 2030.
PIA National urges Congress to pass legislation providing for a long-term, straightforward reauthorization of TRIA. Any lapse in the program could cause serious damage to the United States economy and our national security. Congress should provide a long-term extension of TRIA to give certainty to policyholders and the markets.
PIA National supports Chairwoman Waters’ draft bill (H.R. 4634), which would reauthorize the TRIP for a ten-year period and provide stability to policyholders, the insurance industry, and the overall economy.