“We strongly urge members of Congress to reauthorize this critical piece of legislation,” said NAIC President-Elect and North Dakota Insurance Commissioner Adam Hamm (pictured).

“In addition to providing essential coverage for commercial policyholders, this federal backstop remains an invaluable part of the industry's ability to preserve its financial protection and maintain risk management,” he adds.

The action was taken by unanimous vote of the NAIC's Government Relations Leadership Council.

TRIA has strong support of the industry.

Deidre Manna of the Property Casualty Insurers Association of America, told the commissioners, “TRIA is not just an insurance issue, it is an economic issue for all your states.”

In a statement, Leigh Ann Pusey, president and CEO of the American Insurance Association, added, “TRIA's reauthorization is necessary as the program remains an essential component of our nation's economic security.”

Pusey says TRIA has stabilized the market since its inception in 2002 and made insurance for terrorism available, adding, “Thanks to the certainty that the program provides, businesses are able to make decisions and free up capital for business expansion and economic growth.”

Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies, says “We appreciate [NAIC] adding their voice to that of NAMIC and the chorus of industry groups, insurers and policyholders calling for a swift reauthorization of the TRIA program.”

He says state regulators “know well the potential economic damage a lapse in the TRIA program, or even a last minute extension, could cause.”

“Virtually every participant in the insurance process – policyholders who need coverage, insurers who work to provide it, and the regulators overseeing the industry – have called for TRIA's swift reauthorization, and we hope Congress will answer soon,” Grande said.

PCI officials also made a presentation to state regulators attending the NAIC's Property and Casualty Insurance Committee Terrorism Risk Insurance Implementation Working Group meeting Saturday.

There are currently no plans for congressional hearings on the program, which would have the effect of raising public awareness of the coming crisis.