After a year-long effort and multiple setbacks, the Terrorism Risk Insurance Act program has passed both chambers and has been sent to President Barack Obama, who is expected to sign the legislation into law.
TRIA expired on Dec. 31 after the Senate failed to authorize the bill in December when retiring Sen. Tom Coburn placed a hold on it, objecting to provisions that created the National Association of Registered Agents and Brokers (NARAB II), a national insurance licensing group designed to streamline multi-state licensing.
The House repassed H.R. 26, keeping the NARAB language, on Wednesday with a bipartisam 416-5 vote. Showing agreement, the Senate approved the bill today with a 93-4 vote.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
