Jan 8, 2015

Senate passes TRIA reauthorization bill

The U.S. Senate this afternoon voted to reauthorize the Terrorism Risk Insurance Program Reauthorization Act of 2015 (H.R.26), following yesterdays overwhelming House vote to do the same. The bill provides long-term reauthorization of TRIA, which was allowed to sunset on Dec. 31, vexing the industry and economic experts. PIA has consistently called for TRIA to be extended and thanks members who have reached out to legislators to urge action.

The bill also includes agent licensing reform, with the National Association of Registered Agents and Brokers legislation that establishes a permanent NARAB (known as NARAB II).

It now moves to the President for his anticipated signature.

"We applaud Congress for recognizing that TRIA is vital to our countrys economic welfare and taking quick action," said PIANY President Anthony A. Kubera, CIC. "We are confident that President Obama will sign this act to ensure TRIA is reauthorized."