House passes TRIA extension legislation

The U.S. House of Representatives on Tuesday passed spending legislation that included a seven-year reauthorization of the federal terrorism insurance backstop.

The 297-120 vote moves legislation renewing the program widely known as TRIA to the U.S. Senate.

The House Financial Services Committee previously passed the Terrorism Risk Insurance Program Reauthorization Act of 2019 unanimously in October, followed by full House passage soon after by a vote of 385-22.

The Senate Banking Committee passed the legislation Nov. 20 by a unanimous vote, but it was not voted on by the full Senate.

Insurance trade organizations welcomed the passage of H.R. 1865 by the House.

The program “continues to provide much-needed protections for the U.S. economy,” Jimi Grande, senior vice president of government affairs for the National Association of Mutual Insurance Companies, said in a statement.

The American Property Casualty Insurance Association also voiced its support for the legislation and National Association of Professional Insurance Agents also issued a statement welcoming the vote.