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A third bill to extend the federal terrorism insurance backstop has been introduced in Congress, the latest by Reps. Michael Capuano, D-Mass., and Peter King R-N.Y. that would extend the program for 10 years.
The Terrorism Risk Insurance Program Reauthorization Act of 2013 seeks to extend the Terrorism Risk Insurance Act of 2002, which is slated to expire at the end of 2014.
The bill proposed by Reps. Capuano and King, which has 19 co-sponsors, would extend the program through 2024.
Nat Wienecke, senior vice president, federal government relations for the Property Casualty Insurers Association of America, said a long-term extension of the program would achieve stability.
“Having a plan in place before a terrorist attack occurs ensures that we can respond quickly to citizens and businesses in need, while maintaining economic stability,” Mr. Wienecke said in a statement. “PCI is pleased to see bipartisan support for advancing the discussion on terrorism risk insurance and looks forward to working with members on both sides of the aisle and both sides of the Capitol as this critical issue is considered.”
Leigh Ann Pusey, president and CEO of the American Insurance Association said extending TRIA is especially crucial in the aftermath of the bombings in Boston.
“The terrorism risk insurance program continues to protect our nation's economy,” Ms. Pusey said in a statement. “In the years since September 11, 2001, the program has provided much-needed market stability and predictability for an orderly recovery after an event.”
While Reps. Capuano and King's bill would extend the backstop without major changes, a bill that Rep. Bennie G. Thompson, D-Miss., introduced on May 9 would make the Department of Homeland Security the lead agency to determine whether a covered act of terrorism had occurred.
A separate bill introduced in February would extend the program for five years, through 2019.
If the Terrorism Risk Insurance Act, which is now up for renewal before Congress, is not renewed, it could induce commercial insurers to retreat from larger metropolitan areas, thereby reducing the availability of coverage and raising premium rates, Fitch Ratings Inc. said Monday.