House passes $1.4T spending bill reauthorizing TRIA, NFIP and repealing Cadillac Tax

The bill’s provisions include the reauthorization of the Terrorism Risk Insurance Act (TRIA), an extension of the National Flood Insurance Program (NFIP) and a repeal of the Affordable Care Act’s “Cadillac Tax.” (Photo: Diego Radzinschi/ALM)

The House passed a $1.4 trillion spending package on Tuesday that would fund federal agencies through September 2020 and avoid a government shutdown pending President Trump’s signature on the bill by Dec. 20. For the insurance industry, the bill was a win as it included three policy priorities of several industry groups including the National Association of Professional Insurance Agents (PIA National), the Independent Insurance Agents & Brokers of America (the Big “I”) and the National Association of Mutual Insurance Companies (NAMIC).

These groups and other industry representatives have expressed support for the House budget bill provisions that include a 7-year reauthorization of the Terrorism Risk Insurance Act (TRIA), an extension of the National Flood Insurance Program (NFIP) and a repeal of the Affordable Care Act’s “Cadillac Tax,” which would have imposed a 40% tax on health benefits that exceed an established annual cost.