TRIA Effort Continues in Senate

As Washington pivots looking at what needs to be done when the House returns in late August, possibly early September it sounds like the Senate might try one more vote to pass its version of the National Defense Authorization Act. The current version of this massive, must-pass bill does not include an extension for the Terrorism Risk Insurance Act, despite the measure supported by both Republican and Democratic senators. However, TRIA was just one of several priorities that were expected to be included that were not, meaning further changes could be made to the bill. The House has already passed an extension.

If the bill does not pass in September, the timeline for passing the NDAA may be shift to a late fall, if not December, timeline. With this potential delay, NAMIC’s efforts may pivot to other legislative paths, with the support of not only the full insurance industry, but substantial congressional backing and other stakeholder and policyholder support. As it stands, the NDAA is still one of the few bipartisan vehicles that will move every year in some fashion. Either way, the association remains focused on finding a vehicle for TRIA before the end of the year and have a high level of confidence that if anything passes, TRIA will be along for the ride.