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AIA Statement on Failure to Reauthorize TRIA

AIA STATEMENT ON FAILURE TO REAUTHORIZE TRIA

WASHINGTON, D.C., December 17, 2014 – Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued the following statement in response to the Senate's failure to pass legislation to reauthorize the Terrorism Risk Insurance Act (TRIA).

“AIA is incredibly disappointed that the Senate failed to pass the House-approved (417-7) six-year TRIA reauthorization bill prior to adjourning.  By letting TRIA lapse on January 1, 2015, Congress has failed to protect taxpayers and the economy. 

“Without TRIA in place on January 1, insurers will be forced to assess their exposures.  The program’s lapse will significantly jeopardize the terrorism insurance marketplace that currently protects our nation’s economy against major acts of terrorism.  We strongly urge the new Congress to take up the House-Senate negotiated TRIA reauthorization provisions as its first item of business when it returns in January in order to minimize marketplace disruptions. 

“A failure to quickly reauthorize TRIA would be a failure to protect our economy from terrorism.”   

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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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