Twenty-eight trade groups representing the property/casualty industry and other businesses around the country are urging the U.S. House of Representatives to back a bill that would renew the Terrorism Risk Insurance Act.
The TRIA bill is expected to come up for consideration and vote early afternoon on Jan. 7 under a suspension of the rules, said Jimi Grande, senior vice president, federal and political affairs for the National Association of Mutual Insurance Companies.
Trade associations including the American Insurance Association, National Association of Mutual Insurance Companies, Property Casualty Insurers Association of America and the Reinsurance Association of America are among those that signed the Jan. 6 letter.
“The United States has relied on TRIA as a fiscally responsible terrorism risk management plan to protect taxpayers and our national security and stability,” the groups stated in their letter. “It is critical that Congress act immediately to keep our terrorism insurance protection program in place.”
TRIA first came into being after the Sept. 11, 2001 terrorist attacks, a law that created federal terrorism reinsurance to help stabilize the market. It had been renewed several times since, and Congress appeared to be set to renew it again before the end of 2014. But last-minute disagreements derailed a renewal bill and TRIA lapsed on Dec. 31.
Congress just began its new session this week, and lobbying groups from the insurance industry and other businesses are pushing hard for a TRIA renewal before its absence leads to a market disruption.
The new bill, H.R. 26, is the same as TRIA legislation passed by the House by a bipartisan 417-7 vote on Dec. 10, 2014.
*This story was updated to include the scheduled date and time for the House TRIA debate and vote.