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AIA Statement on "Terrorism Risk Insurance Program Reauthorization Act of 2013

AIA STATEMENT ON “TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2013”

WASHINGTON, D.C., May 23, 2013 – Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued the following statement in response to today’s introduction of the “Terrorism Risk Insurance Program Reauthorization Act of 2013” sponsored by Reps. Michael Capuano (D-MA) and Peter King (R-NY) along with 19 cosponsors.   The legislation would extend the Terrorism Risk Insurance Act (TRIA) for 10 years. Rep. Capuano is the Ranking Member on the Housing and Insurance Subcommittee.  Rep. King serves on the Committees for Homeland Security and Financial Services.

In February, Reps. Michael Grimm (R-NY), Carolyn Maloney (D-NY), Pete Sessions (R-TX), André Carson (D-IN), Peter King (R-NY), Gregory Meeks (D-NY), Dennis Ross (R-FL), Timothy Bishop (D-NY), and Carolyn McCarthy (D-NY) introduced the “TRIA Reauthorization Act of 2013” to extend the Terrorism Risk Insurance Program for five years, through December 31, 2019.

On May 9, Rep. Bennie Thompson (D-MS) introduced the “Fostering Resilience to Terrorism Act of 2013 which would extend the Terrorism Risk Insurance Act (TRIA) for 10 years, designates the U.S. Department of Homeland Security to become the “lead” agency in the certification process, and adds a provision on information sharing for the insureds.  Rep. Thompson is the Ranking Member of the Committee on Homeland Security.

TRIA was first authorized in 2002, subsequently reauthorized in 2005 and 2007, and is scheduled to expire on December 31, 2014.

Ms. Pusey’s statement follows:

“AIA thanks Reps. Capuano and King for their leadership on this important issue, especially in the aftermath of the bombings in Boston.  As key members of the House Financial Services and the Homeland Security Committees, their efforts will be of primary importance. 

“The Terrorism Risk Insurance Program continues to protect our nation’s economy. In the years since September 11, 2001, the program has provided much needed market stability and predictability for an orderly recovery after an event.  The bill protects taxpayers by requiring insurers to meet significant deductibles and includes a mandatory recoupment provision for federal dollars expended.  

“AIA looks forward to working with House Insurance Subcommittee Chairman Randy Neugebauer (R-TX), Ranking Member Mike Capuano, and the entire Committee in the months ahead as AIA seeks to achieve a broadly-supported bipartisan TRIA reauthorization bill prior to the program’s 2014 expiration.”

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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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