Banking Committee Advances Bipartisan Terrorism Risk Insurance Program Reauthorization
WASHINGTON – Today, the U.S. Senate Committee on Banking, Housing and Urban Affairs advanced S. 2877, the “Terrorism Risk Insurance Program Reauthorization Act of 2019” out of committee with unanimous support. This legislation extends the existing TRIA program for seven years while taking steps to further protect taxpayers.
“The terrorist attacks on September 11, 2001 devastated U.S. citizens, households and businesses, and a lack of insurance coverage had a destabilizing effect on our economy,” said Chairman Crapo. “The bill we advanced today not only avoids significant uncertainty in the marketplace, but also preserves the taxpayer reforms included in the last reauthorization. I thank Senators Tillis, Smith and the other co-sponsors of this bill for developing a balanced extension to the program.”
“The Terrorism Risk Insurance Program is emblematic of our ability to use government to make the economy work better for everybody, especially during the most difficult times,” said Ranking Member Brown.
The bill, originally introduced by Senators Thom Tillis (R-North Carolina) and Tina Smith (D-Minnesota), extends TRIA for seven years and requires reports on cyber terrorism risks and coverage, and the availability and affordability of terrorism risk insurance, including specifically for places of worship.
Specifically, the Terrorism Risk Insurance Program Reauthorization Act of 2019:
- Reauthorizes the Terrorism Risk Insurance Program for seven years, through December 31, 2027 and preserves the taxpayer reforms included in the Terrorism Risk Insurance Program Reauthorization Act of 2015;
- Directs the Treasury Department in its biennial report on the Terrorism Risk Insurance Program and its effectiveness to include an evaluation of the availability and affordability of terrorism risk insurance, including specifically for places of worship; and
- Directs the Government Accountability Office to analyze and address, and report on, the vulnerabilities and potential costs of cyber terrorism, adequacy of coverage under the Program, and to make recommendations for future legislative changes to address evolving cyber terrorism risks.
The Terrorism Risk Insurance Program of 2019 is co-sponsored by Chairman Crapo and Ranking Member Brown (R-Ohio), along with Senators Martha McSally (R-Arizona), Bob Menendez (D-New Jersey), David Perdue (R-Georgia), Chris Van Hollen (D-Maryland), Kevin Cramer (R-North Dakota), Catherine Cortez-Masto (D-Nevada), Jerry Moran (R-Kansas), Kyrsten Sinema (D-Arizona), Mike Rounds (R-South Dakota), Brian Schatz (D-Hawaii), Tim Scott (R-South Carolina) and Chuck Schumer (D-New York).
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