PIA National Lauds House for Passing Renewal of Terrorism Risk Insurance Program

WASHINGTON, Nov. 19, 2019 /PRNewswire/ -- The National Association of Professional Insurance Agents (PIA National) praised the U.S. House of Representatives for passing a bipartisan bill that extends the Terrorism Risk Insurance Program (TRIP) for seven years with minimal changes to the program. H.R. 4634 was passed by a vote of 385-22 on the evening of November 18.

"PIA strongly supports this bill, which extends the TRIA program for seven years while only making minimal changes to it, a key request PIA National has been pushing for in our advocacy," said Jon Gentile, PIA National Vice President of Government Relations. "The House passage of TRIA over a year in advance of its expiration is a breath of fresh air and will be welcomed by policyholders and the market," said Gentile.

The bill provides a seven-year extension of the program. PIA National has been advocating for this kind of straightforward reauthorization. PIA National also supports a substantive addition included in the bill, a mandate for a study to be conducted on cyber terrorism, including whether the current risk-share system is appropriate for a cyber terrorism attack, and whether cyber risk coverage can be adequately priced by the private market.

Following the terrorist attacks of Sept. 11, 2001, the property/casualty sector of the insurance industry determined that it could not sustain an additional terrorist attack without the nation's economy suffering serious financial consequences. As a result, in 2002 the Terrorism Risk Insurance Act (TRIA) was signed into law, creating the TRIP. The program has since been reauthorized in 2005, 2007, and, most recently, in 2015. PIA was instrumental in securing the initial creation and passage of TRIA in 2002 and has supported all of its subsequent reauthorizations, including this one.

The U.S. Senate Banking, Housing and Urban Affairs Committee is scheduled to consider companion legislation (S. 2877) to the House-passed TRIA program bill this week.

"PIA has also been actively meeting with offices on the Senate side encouraging action there, and we're pleased our efforts have paid off as later this week the Senate Banking, Housing and Urban Affairs Committee will meet to consider a companion bill to the House passed TRIA program reauthorization. PIA strongly supports this legislation and is asking for it to pass without major changes," said Gentile.  

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America ^SM. PIA's web address is www.pianet.com.

This press release is online at:
https://pianet.com/news/press-releases/2019/pia-national-lauds-house-for-passing-renewal-of-terrorism-risk-insurance-program 

SOURCE National Association of Professional Insurance Agents