Senate Passes Terrorism Insurance Reauthorization

• By: Raaed Haddad
• October 1, 2026

On Monday, the U.S. Senate passed S. 4395, the “Terrorism Risk Insurance Program Reauthorization Act of 2026.”

Sen. Dave McCormick (R-Pennsylvania) introduced a clean, seven-year reauthorization of the Terrorism Risk Insurance Program, garnering significant bipartisan support. The U.S. House of Representatives passed a similar bill in July by a vote of 373-15, but that version made some structural changes to the program.

The Senate bill now heads back to the House for consideration. The two chambers will need to reconcile their differences before a unified bill can reach President Donald Trump’s desk. The act that established the program, also referred to as TRIA, is set to expire on Dec. 31, 2027.

Since its initial enactment, TRIA has undergone four additional reauthorizations—in 2005, 2007, 2015 and 2019—with many reforms to protect taxpayers and to increase private-sector involvement. Congress created TRIA after 9/11 to establish a system for sharing public and private compensation for insured losses from certified acts of terrorism.

The Big “I,” together with a coalition of industry stakeholders, helped build support for S. 4395, which garnered 42 cosponsors. In early September, the Big “I” joined other industry stakeholders in signing a letter urging the Senate Banking Committee to report the bill favorably to the full Senate and include TRIA reauthorization in a “must-pass” legislative vehicle this year.

The Big “I” will continue to work with congressional leaders in both chambers to come to an agreement and pass a final product in the lame-duck session of Congress following the November election.

Raaed Haddad is Big “I” director of federal government affairs.