APCIA urges the Senate to finalise TRIA this year

The American Property Casualty Insurance Association (APCIA), the primary US trade association for home, auto, and business insurers, has applauded the Senate Banking Committee for passing legislation to extend the Terrorism Risk Insurance Program for seven years. The reauthorisation of the Terrorism Risk Insurance Act of (TRIA) ensures a continuation of the federal "backstop" for insurance claims related to acts of terrorism.

APCIA also called on the Senate to act on this legislation before the end of the year.

The S. 2877 legislation to extend the Terrorism Risk Insurance Program for seven years is the companion bill to H.R. 4634, which passed the House earlier this week by a vote of 385-22.

Nat Wienecke, senior vice president for federal government relations at the American Property Casualty Insurance Association (APCIA), said in a statement:

“APCIA applauds the Senate Banking Committee for swiftly passing legislation to extend the Terrorism Risk Insurance Act (TRIA) for seven years. The broad bipartisan support in the House and the Senate Banking Committee sends a clear message of the critical role TRIA plays in stabilizing the economy and the overwhelming call to get it done this year. We urge Senate Majority Leader McConnell to act on this legislation before the end of the year.”