"We are pleased our advocacy haspaid off with the Senate Banking Committee acting in a timelymanner," said Jon Gentile, PIA National vice president ofGovernment Relations. (Photo: Architect of the Capitol)

If the speed with which the Terrorism Risk Insurance Program ReauthorizationAct of 2019 made it to the floor of the U.S. Senate and throughits Banking, Housing and Urban Affairs Committee is any indication,Congress may move quickly to pass the bill before the holidays.

The law, which passed after the 9/11 attacks, creates a federalbackstop for insurance claims that arise out of such acts. It iscurrently set to expire in December 2020. The bill before Congressnow would extend TRIA to 2027.

The Senate committee approved the bill on Wed., Nov. 20, 2019,just two days after it was passed by the U.S. House.

Insurance industry leadership also moved quickly to expresstheir approval.

"NAMIC commends the leadership and bipartisanship of the SenateBanking Committee for taking up and passing S. 2877, criticallegislation that will reauthorize the Terrorism Risk Insurance Act,thereby safeguarding our country's national economic security fromthe threat of a catastrophic terrorist attack," Jimi Grande, seniorvice president of government affairs for the National Association ofMutual Insurance Companies, said in a press release. "Withpassage of TRIA reauthorization legislation out of the House onMonday, today's unanimous passage of an identical bill out of theSenate Banking Committee demonstrates that there is little daylightbetween the two chambers or between the two sides of theaisle."

The NationalAssociation of Professional Insurance Agents (PIA National)also commended the U.S. Senate Banking, Housing and Urban AffairsCommittee for passing legislation to reauthorize the currentiteration of TRIA for seven years.

"PIA made it a key priority this year to have the TRIA programreauthorized well before its scheduled expiration of December2020," said Jon Gentile, PIA National vice president of governmentrelations, in a statemen. "We are pleased our advocacy has paid offwith the Senate Banking Committee acting in a timely manner, thesame week a companion measure passed the U.S. House. This billmakes minimal changes to the program and provides a long-termreauthorization."

Nat Wienecke, senior vice president for federal governmentrelations at the American Property Casualty Insurance Association(APCIA), issued the following statement applauding the SenateBanking Committee.

"APCIA applauds the Senate Banking Committee for swiftly passinglegislation to extend the Terrorism Risk Insurance Act (TRIA) forseven years," Wienecke said. "The broad bipartisan support in theHouse and the Senate Banking Committee sends a clear message of thecritical role TRIA plays in stabilizing the economy."

Industry groups ultimately urged Congress to come together andcommit to passing the TRIA extension before the end of 2019.

See also: 

• Insurance leaders applaud House passage of TRIAreauthorization
• TRIA extension bill passes House Financial ServicesCommittee with 57-0 vote