TRIA Extension Bill Passes US House Committee

The US House Financial Services Committee unanimously voted to pass an amended version of the Terrorism Risk Insurance Program Reauthorization Act of 2019 on Thursday, October 31, 2019, which would extend the Terrorism Risk Insurance Act of 2002 (TRIA).

The amended bill will require a report by the U.S. Government Accountability Office on cyber terrorism risks and Treasury reporting with disaggregated data on places of worship. The amendment also extends the bill for seven years instead of the originally proposed 10 years.

The American Property Casualty Insurance Association (APCIA) has spoken out in support of the bill’s passage.

“We applaud Chairwoman Waters, Ranking Member McHenry, and the House Financial Services Committee for making TRIA reauthorization a top priority,” ACPIA said in a statement. “The risk of terrorism is still very real, and the TRIA program is still needed to promote economic stability both before and after an attack. We urge the full House to take up and pass this bill quickly.”

TRIA in its current form will expire in December 2020. The extension bill will next be recommended for consideration by the full US House.