Policy expert Robert Gordon with the Property and Casualty Insurers Association of America says he is “not overly optimistic” Congress will move promptly to reauthorize the Terrorism Risk Insurance Act before it sunsets next Dec. 31.
Gordon, PCI's senior vice president of policy development and research, said during a conference call today that Congress may continue to wait until the last minute before re-upping TRIA—just as it has done for two prior reauthorizations of the federal backstop since it was signed into law in November 2002.
Congress has chosen to do so even though the program is “critical,” Gordon said.
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