Earlier this week the Big “I” joined more than 300 organizations, including the U.S. Chamber of Commerce, in sending a letter urging Congress to swiftly pass a clean, long-term reauthorization of the Terrorism Risk Insurance Act (TRIA). The program is currently scheduled to expire on Dec. 31, 2020.
The U.S. Senate Committee on Banking, Housing and Urban Development held a hearing in June on the Terrorism Risk Insurance Program (TRIP). The Big “I” submitted written testimony to the committee urging Congress to act well in advance of the 2020 deadline to reauthorize a long-term, clean extension of this essential program. The Senate hearing covered the history of the Terrorism Risk Insurance Act of 2002 and highlighted specific considerations in evaluating the program’s effectiveness and its evolution over time.
Since its initial enactment, TRIA has undergone three additional reauthorizations—in 2005, 2007 and 2015—with many reforms to protect taxpayers and increase private-sector involvement. The Big “I” believes the significant reforms from the 2015 reauthorization strike the right balance of ensuring that the program remains stable and strong while protecting the taxpayer. Additional significant reforms are unnecessary and could significantly restrict the efficacy of the program.
The Big “I” will continue to work with its industry partners, Congress and the Administration to make sure this important program is reauthorized before the Dec. 31, 2020 deadline.
Wyatt Stewart is Big “I” senior director of federal government affairs.