Business, insurance leaders urge approval of terrorism insurance backstop extension
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A group of insurance and business associations has sent a letter to every U.S. senator asking that the Senate approve without amendment a House of Representatives measure that would extend the federal government's terrorism insurance backstop for six years.
In a letter dated Sunday, the group called the program a “critical public-private partnership that facilitates a private insurance market for terrorism risk insurance.”
If the Senate does not pass S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, the program will expire on Dec. 31. The House approved the measure last Wednesday.
“The Senate successfully negotiated the TRIA provisions included in this legislation, and this bill passed the House Wednesday by an overwhelming 417-7 vote,” according to the letter. “We urge the Senate to pass S. 2244 with no amendments prior to adjournment so that this critical component of our national security — protection of U.S. economic stability and growth — can continue serving the American people.”
Among the groups signing the letter are the Risk & Insurance Management Society Inc., the American Insurance Association, the National Association of Mutual Insurance Companies, the Property Casualty Insurers Association of America, the Reinsurance Association of America, the Council of Insurance Agents and Brokers, the Independent Insurance Agents & Brokers of America, the U.S. Chamber of Commerce and the American Bankers Association.
When the Senate will take up the measure remains unclear. Retiring Sen. Tom Coburn, R-Okla., has said in several news interviews that he will try to block Senate action because he objects to the bill's creation of a National Association of Registered Agents and Brokers, which would streamline the multistate licensing of agents and brokers. Sen. Coburn wants NARAB to sunset after two years.
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(Reuters) — Democratic Sen. Charles Schumer on Thursday called for the U.S. House of Representatives to extend a federal terrorism insurance program by passing a “clean” bill with no controversial extra provisions.
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