The National Council of Insurance Legislators passed a resolution at its weekend summer meeting in Philadelphia noting that the trade group “recognizes that TRIA has provided for a viable and stable terrorism risk insurance market which is vital to our nation's economy.”

The Risk and Insurance Management Society scheduled a webinair on the issue for Thursday, and the American Insurance Association has scheduled a meeting with reporters the same day to brief them on the importance on renewal of the legislation.

Several bills have been introduced in the House on the issue, with two calling for extending the program for 10 years, and a third seeking to extend the program for 5 years.

The input will be used by the President's Working Group on Financial Markets to prepare a report.

“The 2013 report will be the last of three PWG reports expected before the December 2014 expiration of the Terrorism Risk Insurance Program,” said Eileen Gilligan, PCI's senior director, public affairs.

“PCI strongly supports a long-term reauthorization of Terrorism Risk Insurance,” Gilligan said, noting that “The economic fallout from a terrorist attack could be significant.”

Gilligan said that, “It is important to have a plan in place to protect the economy and provide rapid assistance to impacted businesses. Terrorism risk insurance is fiscally responsible and necessary for the economy and job creation.”

Jimi Grande, senior vice president of federal and political affairs for NAMIC, added that, “With just under 18 months until the expiration date for the TRIA program, now is the time for the administration and Congress to work toward passage of reauthorization legislation to ensure that our communities and the economy will be protected from terrorism, and to prevent disruptions in the marketplace.”

Grande said that, “NAMIC looks forward to working with the President's Working Group, the administration, and Congress toward a swift reauthorization of this vital program.”

Wil Rijksen, a spokesman for the AIA, said that, “The unpredictable nature of terrorism –an intentional act – makes it a risk that insurers can cover only through a public-private partnership like TRIA.”

Rijksen said that, “Since its inception more than a decade ago, TRIA has stabilized the market and made terrorism coverage widely available.”

He said TRIA “provides much needed predictability for an orderly economic recovery after an event. Thanks to the certainty that the program provides, businesses are able to make decisions and free up capital for expansion and economic growth.”

He added that, “AIA will be working in the months ahead to achieve broad bipartisan support for reauthorization of this vital program.”

Currently, 49 members of the House, representing 22 states and the District of Columbia, have voiced support for extending the current TRIA program.

This latest bill is the “Terrorism Risk Insurance Program Reauthorization Act of 2013.” It has 19 co-sponsors, most of them from urban districts and most of them members of the House Financial Services Committee. Rep. Peter King, R-N.Y., is the only Republican House member on the bill.

The bill is similar to the “Fostering Resilience to Terrorism Act of 2013,” introduced by Rep. Bennie Thompson, D-Miss. in that it would extend the program for 10 years.

Thompson is ranking minority member of the House Homeland Security Committee.

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

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

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

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

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