June 03, 2014

7-year renewal for TRIA clears Senate Banking

June 4, 2014 – The Senate Banking Committee voted 22-0 to favorably report out legislation that would reauthorize the Terrorism Risk Insurance Act for seven years. The program is currently set to expire Dec. 31.

TRIA was created after 9/11, when insurers stopped offering terrorism risk coverage as part of their commercial property losses. The program provides a federal government backstop for terrorism risk coverage and has been reauthorized twice.

The committee-passed bill is S. 2244, the "Terrorism Risk Insurance Program Reauthorization Act of 2014," and has 23 cosponsors. It awaits action of the full Senate.