The Terrorism Risk Insurance Program ReauthorizationAct of 2019 passed rapidly through the U.S. Senate's Banking,Housing, and Urban Affairs Committee, making its way quickly to thefloor of the Senate. If its speed through this part of thelegislative process is any indication, Congress may pass the billbefore the holidays.
The original Terrorism Risk Insurance Act of 2002 (TRIA),which passed after the 9/11 attacks, creates a federal backstop forinsurance claims that arise out of such acts. It is currently setto expire in December 2020. The bill now before Congress wouldextend TRIA to 2027.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
