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A bill has been introduced in the U.S House of Representatives to reauthorize the federal government’s terrorism insurance backstop for 10 more years.
H.R. 4634, the Terrorism Risk Insurance Program Reauthorization Act of 2019, was introduced Oct. 11 by House Financial Services Committee Chairwoman Maxine Waters, D-Calif.
The bill was referred to the House Committee on Financial Services and has 27 co-sponsors, according to Congress.gov, the congressional website.
The new bill would extend the expiration date of the reauthorization the Terrorism Risk Insurance Act of 2002 from Dec. 31, 2020, to Dec. 31, 2030, according to the bill's text.
The move was praised by the American Property Casualty Insurance Association, which urged its passage.
“We applaud Chairwoman Waters for introducing a bipartisan bill that would reauthorize TRIA for ten years in its current form,” David Sampson, president and CEO of the APCIA, said in a statement.
“The time for Congress to act is now to avoid uncertainty and disruptions and confusion in the marketplace, similar to what we experienced after Congress failed to act in 2014,” Mr. Sampson said. “We urge Congress to take up and pass H.R. 4634 as soon as possible.”
“TRIPRA’s public-private partnership is instrumental in maintaining a vibrant marketplace by allowing insurers to provide adequate limits of terrorism coverage to the business community at affordable prices,” John Doyle, president and CEO, of Marsh LLC, said in testimony he gave Wednesday before the United States House Committee on Financial Services, according to a statement from the broker. “We strongly endorse a timely reauthorization of the program.”
Other industry sources have also advocated for timely passage of the TRIA program’s extension.
The U.S. terrorism insurance backstop will likely be renewed, but it remains unclear in what form and when legislation will be introduced, sources say.