Bill Renews Terrorism Insurance Program for Six Years; NARAB II
Included in Bipartisan Bill
The National Association of Professional Insurance Agents (PIA) praised
the U.S. House of Representatives for passing bipartisan legislation that
extends the Terrorism Risk Insurance Act (TRIA) for six years and includes
other provisions that benefit Main Street insurance agents.
Following weeks of intense negotiations, the House passed the Terrorism Risk
Insurance Program Reauthorization Act of 2014 (S. 2244) by a vote of 417-7.
PIA calls on the Senate to pass the bill without delay.
"PIA commends the House's passage of a long-term TRIA extension in which
everybody wins," said PIA National Executive Vice President & CEO Mike Becker.
"Insurance consumers, professional insurance agents, businesses across the
country and our national security will all be strengthened and better protected
by the renewal of our nation's terrorism insurance program."
"Members had an important job to do and they came together and got the job
done," Becker said.
The bill provides much of what PIA has been advocating throughout the year,
beginning with a long-term reauthorization of the program. While the trigger
for the federal backstop in the event of a terrorist attack will be raised from
the current $100 million, its level is limited to an increase of $20 million each
year starting in 2016, eventually bringing it to $200 million by 2020. The bill
would also raise the federal government's mandatory recoupment from $27.5 billion
to $37.5 billion in $2 billion annual increases.