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AIA Statement on TRIA Reauthorization Legislation

AIA STATEMENT ON TRIA REAUTHORIZATION LEGISLATION

WASHINGTON, D.C., May 9, 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 “Fostering Resilience to Terrorism Act of 2013” sponsored by Rep. Bennie Thompson (D-MS).  Rep. Thompson’s legislation 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. 

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.

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:

“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 recovery after an event while limiting the exposure of taxpayers to losses.  This public-private shared loss partnership frees up capital for business expansion and has helped assure businesses that there can be orderly recovery following a terrorist event without further economic disruption.

“AIA is pleased that Rep. Thompson, Ranking Member of the Committee on Homeland Security, recognizes the need for the program’s reauthorization prior to its 2014 expiration.  We look forward to working with Members of Congress in the months ahead to achieve broad support for reauthorization of this vital program.”

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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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