What is House Bill H.R. 26?
This bill reauthorizes the Terrorism Risk Insurance Act (TRIA) through December 31st, 2021. TRIA addresses insurance claims stemming from acts of terrorism. Following the 9/11 terrorist attacks, many reinsurers left the terrorism coverage market. This, in turn, caused primary insurers to omit terrorism coverage from their offerings, too. In 2002, the Feds stepped in and played the role of reinsurers, providing a financial backstop in the case of a large-scale terrorist attack. TRIA was extended in 2007, and is currently set to expire on December 31st, 2014. Losses from the terrorist act in question must exceed $100 million for the Act to kick in. The extension would also change the coinsurance requirement from 15% to 20% and raise the amount that businesses could recoup from $27.5 million to $37.5 million.
Impact
The Act allows businesses to obtain terrorism insurance when it might otherwise be too costly to do so.
Cost of House Bill H.R. 26
A CBO cost is currently unavailable.
More Information
Media:
Of Note:
The House is considering three separate TRIA extension bills of its own, one of which would extend TRIA for five years (as opposed to the Senate's seven) and two of which would extend the Act for another decade. An overview of these bills can be found here.
AKA
Terrorism Risk Insurance Program Reauthorization Act of 2015
Official Title
To extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes.
bill Progress
- EnactedJanuary 12th, 2015The President signed this bill into law
- The senate Passed January 8th, 2015Roll Call Vote 93 Yea / 4 Nay
- The house Passed January 7th, 2015Roll Call Vote 416 Yea / 5 Nay
- house Committees
Committee on AgricultureCommittee on Financial ServicesIntroducedJanuary 6th, 2015
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Economy
