The property and casualty insurance industry's eyes will be focused on the Senate Banking Committee and legislation reauthorizing the Terrorism Risk Insurance Act (TRIA) as Congress returns to work this week.
S. 2244, is seen as the only available "engine" this year for legislation that the industry sees as important, not only because reauthorization of the Terrorism Risk Insurance Act is a priority, but because the industry also wants to use the bill to limit the Federal Reserve Board's ability to impose bank-centric rules on insurers, and well as ensure that state regulators remain relevant as international insurance rules are crafted.
Wil Rijksen, a spokesman for the American Insurance Association, said AIA "anticipates that TRIA will be a priority for both the Senate Banking and House Financial Services Committees during the next four to six weeks."
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