The rubber will hit the road for the insurance industry on reauthorization of the Terrorism Risk Insurance Act Tuesday when the Senate takes up legislation that would reauthorize the program for seven years.
The bill is S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014. The program will sunset Dec. 31 unless it is reauthorized.
A strong possibility for inclusion is separate legislation, S. S. 2270, "the Insurance Capital Standards Clarification Act of 2014," which would "revise" Sec. 171 of the Dodd-Frank financial services reform law. That section "requires" the Federal Reserve to apply bank capital rules to insurance companies it supervises. S. 2270 and its companion House bill, H.R. 4510, "clarifies" that the Fed can apply insurance-based capital standards to the insurance portion of the business, while still keeping banking capital standards for the banking portion of the business.
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.
