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President Barack Obama has signed into law legislation extending the federal terrorism insurance backstop through Dec. 31, 2020.
The program lapsed on Dec. 31 after the Senate failed to take up legislation reauthorizing it.
The Terrorism Risk Insurance Program Reauthorization Act of 2015 — H.R. 26, which President Obama signed into law Monday — also gradually increases the trigger required to activate the program to $200 million from the previous $100 million and gradually increases the industrywide retention to $37.5 billion from the previous $27.5 billion.
In addition, the law creates a new National Association of Registered Agents and Brokers, which streamlines nonresident agent licensing. Objections to this provision led former Sen. Tom Coburn, R-Okla., to place a hold on Senate consideration of the previous reauthorization bill last month, temporarily killing the program.
Extension of the program, which was created by the Terrorism Risk Insurance Act of 2002, was the top legislative priority of risk managers and the property/casualty insurance industry in the last Congress.
The Senate on Thursday followed the House of Representatives’ lead by approving legislation that would reinstate the federal terrorism insurance backstop through the end of 2020.