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AIA Statement on House Passage of Long-term TRIA Reauthorization Bill

AIA STATEMENT ON HOUSE PASSAGE OF LONG-TERM TRIA REAUTHORIZATION BILL

 WASHINGTON, D.C., December 10, 2014 – Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued the following statement in response to the House passing legislation to reauthorize the Terrorism Risk Insurance Act (TRIA) for six years. 

“AIA strongly supports a long-term reauthorization of TRIA by year-end.  Today’s vote in the House affirms that there is significant Congressional support for a long-term reauthorization.  Terrorism is a matter of national security and as such a responsibility of the federal government. TRIA is a public-private partnership that’s been vital to our national defense and economic security. TRIA leverages the federal government’s national defense obligation to speed economic recovery following an attack and to foster a well-functioning private terrorism insurance marketplace that protects U.S. taxpayers and businesses. The legislation’s changes to TRIA, which are consistent with the House-Senate compromise, will further increase the private sector’s 'skin in the game' while providing policyholders and businesses the certainty they need to help grow our nation’s economy.  TRIA has long enjoyed strong bipartisan and bicameral support.  We urge the Senate to pass the six-year TRIA bill compromise before Congress adjourns.”

Under the six-year extension in the bill, starting in 2016, there will be phased-in increases to the program’s trigger (raising it from $100 million to $200 million in annual aggregate insured losses) and the insurer co-share (raising it from 15 percent to 20 percent).  In addition, the amount that the government will recoup increases from the current $27.5 billion to $37.5 billion.  In the sixth year, recoupment will be the lesser of $37.5 billion or the three-year average of the sum of insurer deductibles for all insurers participating in the program.  Finally, the rate of recoupment will increase from 133 percent to 140 percent. 

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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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