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AIA Applauds Passage of Senate Bill; Brings TRIA Another Step Closer Toward Reauthorization

AIA APPLAUDS PASSAGE OF SENATE BILL; BRINGS TRIA ANOTHER STEP CLOSER TOWARD REAUTHORIZATION

WASHINGTON, D.C., July 17, 2014 – Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued a statement in response to the Senate’s passage of S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, legislation to reauthorize the Terrorism Risk Insurance Act (TRIA).

Ms. Pusey’s statement follows:

“The Senate’s overwhelming support and passage of S. 2244, by a vote of 93 to 4, represents a significant step forward toward the program’s renewal. We commend the Senate Banking Committee for producing a bill that could garner such broad, strong bi-partisan support, and urge the House to pass TRIA reauthorization legislation before the August recess. 

“AIA will continue working with Congress to pass TRIA reauthorization legislation that protects policyholders and taxpayers while ensuring the continued widespread availability of property-casualty insurance for terrorism risks.  We support the Senate bill because it achieves that goal.

“We remain confident that TRIA will be reauthorized in 2014 with strong bi-partisan support.”

TRIA was first authorized in 2002 following the terrorist attack of September 11, 2001. It was subsequently reauthorized in 2005 and 2007 with broad bipartisan support, and is scheduled to sunset on December 31, 2014. 

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The American Insurance Association (AIA) is the trade association for today’s leaders in the property-casualty insurance industry.  Our members work each day to protect the American Dream, whether that’s a house, car, business or otherwise.  Now more than 150 years old, AIA has an unparalleled record of advocating on state, federal and international issues for insurers and their customers.

Our membership is comprised of more than 320 companies, collectively writing more than $125 billion in premiums each year.

We have the experience of a veteran organization coupled with the innovative ideas that drive our industry forward. AIA is leading the insurance industry into the second half of the 21st Century… today.


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Media Contacts

Maggie Seidel
VICE PRESIDENT, PUBLIC AFFAIRS
(202) 828-7196
mseidel@aiadc.org

Rachel Wallen
PUBLIC AFFAIRS MANAGER
(202) 828-7149
rwallen@aiadc.org

 

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