A new bill extending the Terrorism Risk Insurance Act for 10years has been introduced in the House.

Chief co-sponsors of the new bill are Rep. Peter King, R-N.Y.and Rep. Mike Capuano, D-Mass.

Property owners, led by large real-estate interests, and allthree main property and casualty trade associations immediatelyvoiced strong support for the legislation.

“A long-term extension of TRIA, passed swiftly by Congress, isthe best possible protection for our economy from terrorism,” saysJimi Grande, senior vice president of federal and political affairsfor the National Association of Mutual Insurance Companies.

“As a part of our national security system, and as a catalystfor continued development, the TRIA program is too important forCongress to wait until the last minute,” Grande adds.

The current program does not expire until Dec. 31, 2014, butterrorism-risk insurance is renewed on an annual basis and somepolicies might start expiring as early as next February.

Grande says that, currently, 49 members of the House,representing 22 states and the District of Columbia, have voicedsupport for extending the current TRIA program.

In comments in a Thursday New York Post article,Jeffrey DeBoer, CEO of the Real Estate Roundtable, says thatwithout the program, building owners could find it difficult tofind terrorism coverage, in particular owners of iconic buildingsthat are likely targets.

“Waiting to take legislative action until the scheduled 2014year-end sunset would be a mistake. Starting in the next fewmonths, as policies roll and terror coverage becomes less certain,increasing numbers of large and small transactions across thecountry will be delayed or canceled,” DeBoer says.

The latest bill is called the “Terrorism Risk Insurance ProgramReauthorization Act of 2013.” It has 19 co-sponsors, most of themfrom urban districts and most of them members of the HouseFinancial Services Committee.

King is the only Republican House member on the bill.

The bill is similar to the “Fostering Resilience to TerrorismAct of 2013,” introduced earlier this month by Rep. BennieThompson, D-Miss. in that it would extend the program for 10years.

Thompson is ranking minority member of the House HomelandSecurity Committee.

However, Thompson's bill raises concern because it woulddesignate the U.S. Department of Homeland Security to become the“lead” agency in the certification process, switching control fromthe Treasury Department, and adding a provision on informationsharing for insureds.

It would also allow the House Homeland Security Committee toshare jurisdiction over the issue with the House FSC.

Bipartisan legislation introduced in the House in February, “theTRIA Reauthorization Act of 2013,” H.R. 508, would extend theprogram for 5 years. The lead sponsor is Rep. Michael Grimm,R-N.Y.

The program was first enacted in 2002, and extended for fiveyears in 2007. It expires Dec. 31, 2014.

Sen. Mark Warner, D-Va., has also voiced interest in sponsoringlegislation extending the program.