Committee passes legislation to extend terrorism risk insurance program for seven years.
WASHINGTON, D.C., October 31, 2019— The Independent Insurance Agents & Brokers of America (the Big “I") thanks the House Financial Services Committee for unanimously passing H.R. 4634, the “Terrorism Risk Insurance Program Reauthorization Act."
“The scheduled expiration of the Terrorism Risk Insurance Program (TRIP) at the end of 2020 is quickly approaching, and the Big 'I' applauds the Committee for taking action to extend the program on a long-term basis well before the scheduled expiration," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “The Big 'I' especially wants to thank Chairwoman Maxine Waters (D-California) and Ranking Member Patrick McHenry (R-North Carolina) for recognizing the critical role that the program plays in the U.S. economy."
H.R. 4634 would provide for a seven-year reauthorization period, require a U.S. Government Accountability Office (GAO) report on cyber terrorism risks, and require biennial Treasury reporting that includes disaggregated data on places of worship. Since its initial enactment, TRIP has undergone additional reauthorizations in 2005, 2007 and 2015, with many reforms to protect taxpayers and increase private sector involvement. There is still a very real need for the program, as the threat of terrorism is still ever-present, and the unique nature of this risk has not changed. The current authorization of the program is due to expire on Dec. 31, 2020.
“Following the bipartisan passage out of the Financial Services Committee, the Big 'I' urges the U.S. House of Representatives to pass this legislation well in advance of the program's scheduled expiration," says Wyatt Stewart, Big “I" senior director, federal government affairs. “This legislation is vitally important to maintaining the strength of the commercial property-casualty insurance market and would provide much needed stability to the U.S economy."
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.