"PIA commends the House's passage of a long-term TRIA extension in which everybody wins," said PIA National Executive Vice President & CEO Mike Becker. "Insurance consumers, professional insurance agents, businesses across the country and our national security will all be strengthened and better protected by the renewal of our nation's terrorism insurance program."

Others in the industry echoed this sentiment.

"PCI applauds the House for passing the Terrorism Risk Insurance Program Reauthorization Act of 2014," said David A. Sampson, PCI's president and CEO. "I appreciate the leadership of Chairman Jeb Hensarling (R-TX), Ranking-Member Maxine Waters (D-CA), Subcommittee Chairman Randy Neugebauer (R-TX), and Ranking-Member Mike Capuano (D-MA) for their tireless efforts as well as the many other supporters of TRIA on both sides of the aisle. PCI is grateful that members of both chambers came together on a bipartisan basis and adopted a hard won compromise with broad bipartisan support to maintain America's economic resiliency plan to recover from terrorist attacks. I am grateful to Chairman Hensarling, who from the beginning said he wanted to negotiate a long-term solution and with his leadership and good faith, this compromise honors his commitment on TRIA."

Leigh Ann Pusey, president and CEO of the AIA, said "The legislation's changes to TRIA, which are consistent with the House-Senate compromise, will further increase the private sector's 'skin in the game' while providing policyholders and businesses the certainty they need to help grow our nation's economy.  TRIA has long enjoyed strong bipartisan and bicameral support. We urge the Senate to pass the six-year TRIA bill compromise before Congress adjourns."

NARAB

The bill also includes agent licensing reform, with the National Association of Registered Agents and Brokers (NARAB II) legislation that establishes a permanent NARAB.

"The Big 'I' is also thankful that the House TRIA bill includes the National Association of Registered Agents and Brokers legislation (NARAB II)," said Charles Symington, Big "I" senior vice president of external and government affairs. "We would like to thank House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Insurance Subcommittee Chair Randy Neugebauer (R-Texas) for their leadership in moving it through the House on two separate occasions this Congress and particularly want to highlight Rep. Neugebauer's steadfast support of the bill."

NARAB II would achieve much needed reciprocity in producer licensing and help policyholders by permitting greater competition among agents and brokers, the Big "I" said in a statement. This legislation would build upon regulatory experience at the state level, promote greater consistency in agent and agency licensing, and ease the burden that many agents face in doing business across state lines. The bill also mandates various studies, including an annual study of small insurer market competitiveness, to examine challenges smaller insurers face in the terrorism risk insurance marketplace, which the PIA applauds.

"The inclusion and passage of NARAB II after many years of educating our legislators and regulators on the benefits of a more competitive insurance marketplace also advances our goals of fostering greater market reform and efficiencies. The underwriting of risks is no longer limited to state boundaries and archaic regulations," said Bernie Heinze, executive director for the AAMGA. "Agents and brokers alike will be able to continue creating innovative solutions for specialized risks wherever they may be, with the appropriate consumer protections in place."

Insurance Capital Standards Clarification Act

Also passed in the House by unanimous consent was the Insurance Capital Standards Clarification Act of 2014 (S. 2270), which recognizes the difference betwen the banking and insurance markets and clarifies that insurance companies are subject to Federal Reserve oversight and are not forced to comply wtih bank-centric capital standards.

"PCI has long been advocating domestically and internationally against imposition of inappropriate bank-centric capital requirements on insurers," said Nat Wienecke, PCI's senior vice president, federal government relations. "PCI is pleased that this legislation takes into account the unique nature of insurers' risks, which are fundamentally different from those for banking, and clarifies the Federal Reserve Board's authority to tailor capital standards to insurance companies under its supervision. This legislation will continue to allow strong prudential supervision of insurance companies while preventing unnecessary harm in the insurance marketplace to the detriment of consumers."

"Today's House vote is a common-sense solution to a technical issue within Dodd-Frank," Symington said of the Insurance Capital Standards Clarification passage. "The Big 'I' has long supported the principle that banking and insurance are different and require distinct regulatory standards. We thank the House for this bipartisan vote."

The Senate passed identical legislation by unanimous consent in June. The Insurance Capital Standards Clarification Act now heads to President Barack Obama's desk to be signed into law.