Legal problems facing Rep. Michael Grimm, R-N.Y., named sponsor of the preferred House version of legislation reauthorizing the Terrorism Risk Insurance Act (TRIA) are likely to have "zero impact" on House action on the legislation, according to several insurance lobbyists.
Grimm's indictment in Brooklyn comes at a sensitive time for TRIA. The Senate Banking Committee is likely to take up its version of reauthorization legislation by mid-May. And key members of the House Financial Services Committee have asked the Government Accountability Office to prepare by May 15 a report outlining options for renewal that would include a study on the costs and benefits of the TRIA, along with the potential impact of scrapping the law.
Rep. Randy Neugebauer, R-Texas, chairman of the Financial Services panel's Housing and Insurance Subcommittee, one of the representatives who asked for the study, as well as Rep. Jeb Hensarling,R-Texas, are demanding that industry "have more skin in the game" in any renewal legislation. They want to put a conservative "stamp" on the program that could include legislation phasing out the program, or, eventually limiting it to events caused by nuclear, biological, chemical and radiation attacks.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
