Congress Approves Spending Bill with TRIA Reauthorization Included

20 Dec, 2019 Nancy Grover

                               

Washington, DC (WorkersCompensation.com) – It’s now up to President Trump to extend the Terrorism Risk Insurance Program. The proposal is part of the 2020 spending legislation approved by both chambers of Congress this week. The president needs to sign the bills today to keep the federal government operating. His advisors have indicated he will.

The Senate’s 71-23 vote yesterday sealed the deal for congressional approval. If signed, the government’s terrorism insurance backstop program would continue through 2027.

H.R. 1865 includes language that “closely mirrors’ the wording in the original proposal, according to Rep. Maxine Waters, D-Cal, the sponsor of the standalone legislation. It calls for the federal government to cover up to 80 percent of costs when aggregate losses from a terrorist attack exceed $200 million, with a cap at $100 billion.

The measure would also mandate a study and report on cyberterrorism. And it directs the Treasury Department to report on the program and its effectiveness to include an evaluation of the availability and affordability of terrorism risk insurance, in its biennial report.

Continuation of the program is especially important to the workers’ compensation system, since insurers cannot exempt it from those policies.

The congressional approval was hailed by insurance trade associations.

“This is a job well done,” said Nat Wienecke, senior vice president of Federal Government Relations for the American Property Casualty Insurance Association. “We urge the president to sign this bill.”

“By voting today to extend the Terrorism Risk Insurance Program, the Senate has helped protect our economy from the threat of terrorism and to keep our communities growing,” said Jimi Grande, SVP of Government Affairs for the National Association of Mutual Insurance Companies. “The program helped revive our economy in the wake of the 9/11 attacks, bringing back thousands of jobs lost as development halted due to a lack of affordable terrorism coverage. Since then it has provided the financial security for development in cities and towns from coast to coast, and thanks to overwhelming support from congressional leadership and lawmakers from both sides of the aisle, it will continue to do so." 

“By including the reauthorization of the terrorism risk insurance program, Congress has promoted market stability and protection from economic chaos in the unfortunate event of a terrorist attack,” said Jon Gentile, vice president of Government Relations for the National Association of Professional Insurance Agents.


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    About The Author

    • Nancy Grover

      Nancy Grover is a freelance writer having recently retired as the Director, Media Services for WorkersCompensation.com. She comes to our company with more than 35 years as a broadcast journalist and communications consultant. Grover’s specialties include insurance, workers’ compensation, financial services, substance abuse, healthcare and disability. For 12 years she served as the Program Chair of the National Workers’ Compensation and Disability Conference® & Expo. A journalism/speech graduate of Ohio Wesleyan University, Grover also holds an MBA from Palm Beach Atlantic University.

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