National Jul 17, 2014

Senate passes TRIA bill

The Senate today passed S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014. The vote passed by 93-4, and will extend the federal reinsurance program, established as TRIA in 2002 and set to expire this year, for seven more years.

In addition to the seven year extension, the Senate bill increases the mandatory recoupment amount ($27.5 billion to $37.5 billion) and the co-pay for private insurers from 15 percent to 20 percent.

Congressional staff have reported that while they are hopeful the House will consider its version of TRIA (H.R. 4871), that bill will not see a vote this week, due to Republican concerns with it, particularly a provision that would raise the program trigger from its current level of $100 million to $500 million.

Your PIA applauds this progress, as it has supported the reauthorization of TRIA and particularly the Senate version.