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President Barack Obama on Jan. 12 signed legislation into law to reauthorize the Terrorism Risk Insurance Act (TRIA) through the end of 2020.
Congress adjourned in December without passing a bill to extend the TRIA program, which stalled in the Senate following the addition of an unrelated provision. The program expired at the end of 2014; however, upon returning to work on Jan. 6, the House of Representatives and Senate quickly went to work on a reauthorization bill.
The U.S. Senate passed the “Terrorism Risk Insurance Program Reauthorization Act of 2015” (H.R. 26) on Jan. 8 by a vote of 93-4. Following passage of the bill in the U.S. House of Representatives by a vote of 416-5 on Jan. 7, the Senate vote clears the way for President Obama to sign the bill into law and reauthorize the Terrorism Risk Insurance Act (TRIA) through 2020.
One day after the new session of Congress convened, the U.S. House of Representatives passed a bill on Jan. 7 to reform the Terrorism Risk Insurance Act (TRIA) and reauthorize the program for six years through 2020.
The “Terrorism Risk Insurance Program Reauthorization Act of 2015” (H.R. 26), which passed by a vote of 416-5, is identical to legislation (S. 2244) that was overwhelmingly passed by the House in December by a vote of 417-7. That bill died when the Senate failed to consider the measure before the last session of Congress adjourned.
One day after the new session of Congress convened, the U.S. House of Representatives passed a bill on Jan. 7 to reform the Terrorism Risk Insurance Act (TRIA) and reauthorize the program for six years through 2020.
The “Terrorism Risk Insurance Program Reauthorization Act of 2015” (H.R. 26), which passed by a vote of 416-5, is identical to legislation (S. 2244) that was overwhelmingly passed by the House in December by a vote of 417-7. That bill died when the Senate failed to consider the measure before the last session of Congress adjourned.
Absent the Terrorism Risk Insurance Act (TRIA), another terrorist attack along the lines of Sept. 11 could cost U.S. taxpayers as much as $ 7 billion to cover uninsured losses, according to a study released April 10 by the RAND Corporation.
Meanwhile, a bipartisan group of senators announced a deal on legislation to extend TRIA beyond its current expiration date at the end of 2014. Sens. Charles Schumer (D-NY), Dean Heller (R-NV), Mark Kirk (R-IL) and Jack Reed (D-RI) said April 10 that they had reach an agreement on a bill that would extend the program until 2021.