Terrorism Risk Insurance Program Reauthorization Act of 2019
On December 19, 2019 Congress passed legislation extending the Terrorism Risk Insurance Act (TRIA) through December 31, 2027. TRIA was scheduled to expire at the end of 2020 but after the program experienced a brief lapse at the end of 2014, when Congress failed to agree on reauthorization terms, industry professionals encouraged Congress to take action to address TRIA’s extension at least one year before its expiration. WSIA strongly supported the request and remains appreciative to Congress for providing this certainty.
The 2019 reauthorization came with no changes to the underlying program; however, there will be a study conducted over this time regarding the cyberterrorism insurance market.
We recommend reviewing Department of Insurance websites annually for TRIA-related bulletins to ensure you maintain appropriate compliance as it relates to your practice.
Additional Comment Letters
April 3, 2020 - Trade Association Request to Delay Annual TRIA Reporting to FIO
December 10, 2014 - Trade Association TRIA Support Letter
May 15, 2014 – NAPSLO Letter of Support for Insurance Data Protection Act
February 25, 2014 - NAPSLO Testimony before Senate Banking Committee on TRIA
June 10, 2013 – NAPSLO Comments to FIO on Natural Catastrophes and Insurance
May 17 and February 27, 2013 – NAPSLO Letters to FHFA regarding Lender Placed Insurance
September 16, 2013 – NAPSLO Comments to FIO on TRIA
March 19, 2013 – NAPSLO Testimony to Senate Banking Committee on NARAB