House Passes Bill to Reauthorize Terrorism Risk Insurance Program

Under the existing framework, private insurers must make terrorism coverage available to policyholders, while the Treasury Department shares in losses above certain thresholds once a certified event occurs.

House Financial Services Committee Chairman Rep. French Hill, R-Ark., emphasized the program’s core purpose during floor debate.

“The purpose of TRIA is spelled out in the original law,” Hill said.

“The law states that TRIA is designed to provide for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism in order to protect consumers. That’s the goal here: to give policyholders access to the financial protection they need and the confidence they need to build skyscrapers, sports venues, and malls, and employ workers that drive our economy,” Hill added.

Rep. Mike Flood, the bill’s lead sponsor, highlighted the need for updates alongside the extension.