The Republican leadership of the House Financial Services Committee is proposing a substantive reduction in potential government liability for terrorism attacks in order to have terrorism risk insurance "transition to the private sector" as soon as possible, a Republican lawmaker tells PC360.
Rep. Randy Neugebauer, R-Texas, chairman of the Financial Services panel's Housing and Insurance Subcommittee, says, "TRIA was meant to be a temporary program. We are transitioning the program in order to transfer risk where it belongs—to the private sector; to the professionals in the insurance industry." Neugebauer says these professionals "are getting compensated for taking that risk; the taxpayers are not."
Neugebauer and Rep. Jeb Hensarling, also R-Texas, unveiled today legislation that would increase TRIA's trigger over five years to $500 million from the current $100 million for conventional terrorist attacks.
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