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Mark Up of Senate TRIA Bill Builds Momentum Toward Program’s Reauthorization

MARK UP OF SENATE TRIA BILL BUILDS MOMENTUM TOWARD PROGRAM’S REAUTHORIZATION

WASHINGTON, D.C., June 3, 2014 – Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), issued a statement in response to the Senate Banking Committee’s mark up of the Terrorism Risk Insurance Program Reauthorization Act of 2014, S. 2244, legislation to reauthorize the Terrorism Risk Insurance Act (TRIA).

Ms. Pusey’s statement follows:

“AIA commends Chairman Tim Johnson (D-SD), Ranking Member Mike Crapo (R-ID), Senator Chuck Schumer (D-NY), the sponsor of S. 2244, and members of the Senate Banking Committee for recognizing the importance of the program and supporting TRIA’s reauthorization.  Passage of S. 2244 out of the Committee represents a significant step forward toward reauthorization. Today’s vote of 22 to 0 proves there is strong bi-partisan support for the program.  AIA urges the Senate to maintain its legislative pace on TRIA reauthorization and pass S. 2244 as soon as possible.    

“TRIA is an effective partnership between private market insurers and the federal government that provides for an orderly economic recovery in the event of a terrorist attack.  The program maximizes private market risk bearing while protecting taxpayers at every step.  By placing the financial recovery on the private market in all but the most catastrophic of attacks, TRIA protects the federal government and taxpayers from this potential exposure.   

 “AIA looks forward to working with the Senate to pass TRIA reauthorization legislation that protects policyholders and taxpayers while ensuring the continued widespread availability of property-casualty insurance for terrorism risks.  We are 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.  In addition to S.2244, Housing and Insurance Subcommittee Chairman Randy Neugebauer (R-TX) is expected to soon introduce the House’s TRIA reauthorization bill.

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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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