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Houses passes TRIA, bill heads back to Senate

Bi-partisan support extends Terrorism Risk Insurance Act by six years, and also includes agent licensing reform with the inclusion of a permanent National Association of Registered Agents and Brokers. UPDATE: House also passes the Insurance Capital Standards Clarification Act, which recognizes the difference between the banking and insurance markets.

By Melissa Hillebrand | Updated on December 10, 2014
Bi-partisan support extends Terrorism Risk Insurance Act by six years, and also includes agent licensing reform.

Following weeks of intense negotiations, the House passed the Terrorism Risk Insurance Program Reauthorization Act (S. 2244) by a vote of 417-7 on Wednesday. The bill now heads back to the Senate.

“This Legislation further demonstrates the commitment by a strong group of bipartisan members of Congress to reauthorizing the TRIA program, as it is vitally important to the U.S. economy, and the Big ‘I’ is grateful for today’s action,” said Bob Rusbuldt, Big “I” president & CEO. “This bill is important to ensure stability in the insurance, real estate and lending markets, as well as providing needed agent and broker licensing reform on a voluntary basis. We are optimistic that the Senate will soon pass this crucial legislation so it can be sent to the president’s desk as soon as possible.”

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