After just one week of its expiry, the Terrorism Risk Insurance Act of 2002 (TRIA) is being revived. In the first days of the 114th Congress, the U.S. House of Representatives passed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, by a bipartisan vote of 416-5, with one member voting “present.” Now the bill will move to the U.S. Senate for consideration.
This legislation is identical to S. 2244 which passed the House on December 10, 2014, and includes a long-term reauthorization TRIA. It also enacts the National Association of Registered Agents and Brokers Reform Act of 2015 (NARAB II), which establishes a permanent NARAB to streamline agent licensing. After the House approved a measure that would reauthorize TRIA for an additional six years, it moved on to the Senate, which failed to extend the program before adjourning for the year. Issues surrounding unrelated policy riders attached to the TRIA reauthorization bill ultimately blocked the possibility of bringing the measure to a vote in the Senate, according to catastrophe modeling firm AIR Worldwide.
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