US House Introduces TRIA Extension Bill

Congresswoman Maxine Waters has introduced a bill in the US House of Representatives to reauthorize the Terrorism Risk Insurance Act (TRIA) until December 2030. The act is currently scheduled to expire on December 31, 2020.

The bill, H.R. 4634, was introduced on October 11, 2019, and was considered by the Housing, Community Development, and Insurance Subcommittee, a part of the US House Committee on Financial Services, on October 16, 2019.

TRIA was enacted following the September 11, 2001, terrorist attacks in the US. The bill created a federal backstop for terrorism insurance to keep coverage affordable in the event of another attack. The act has been reformed over time so that the private sector would bear 100% of the losses if another terrorist event like September 11 occurred.

“Nearly two decades after TRIA was enacted, TRIA has thankfully never been triggered, and the program is working as intended, effectively protecting our economy from the costs of a terrorist attack and providing security for many of our nation’s hospitals, stadiums, schools and small businesses,” said Waters, Chairwoman of the House Financial Services Committee.

The bill is sponsored by 27 other representatives and is supported by more than 300 organizations, including the American Property Casualty Insurance Association (APCIA).

“We applaud Chairwoman Waters for introducing a bipartisan bill that would reauthorize TRIA for ten years in its current form,” said David Sampson, president and CEO of the APCIA, in a statement. “We urge Congress to take up and pass H.R. 4634 as soon as possible.”

Following its subcommittee hearing, Waters said that she intends to move forward with full committee consideration of the bill at a markup in October before working to bring it to the floor.