The U.S. House Financial Services Committee has voted to advance H.R. 7128, a reauthorization of the Terrorism Risk Insurance Act (TRIA) through 2034, the CRE Finance Council reported. The committee approved the bill in a bipartisan 51-2 vote, with Reps. Ralph Norman (R-SC) and John Rose (R-TN) opposing.
CREFC noted two changes from what otherwise would be a clean reauthorization: HR 7128 raises the certification threshold from $5 million in losses to $10 million by 2029 (essentially an inflation adjustment) and sets a time limit for Treasury to certify an attack.
“Without action, TRIA is set to expire at the end of 2027,” reported CREFC. “Since its original enactment in 2002, the program has functioned as a federal backstop to the terrorism risk insurance market through a private/public risk-sharing program.”
The full House and the Senate will need to act on the bill before it goes to the President for his signature.
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