A year-long effort on the part of a broad coalition of American businesses to secure a long-term renewal of the Terrorism Risk Insurance Act (TRIA) came to an end at 10:44 p.m. Eastern Time on Dec. 16, 2014. That's when the U.S. Senate adjourned for the year without acting on TRIA.
Reauthorization of TRIA should never have been in doubt. Days before, the U.S. House of Representatives approved a bipartisan bill extending the terrorism insurance program for six years on a vote of 417-7. The Senate had passed a similar bill by an equally lopsided margin in July, 93-4. Leadership of both parties in both chambers strongly backed renewal and worked to get a compromise deal done.
The National Association of Professional Insurance Agents (PIA) is shocked and dismayed that Congress would adjourn without doing its job by passing a long-term renewal of TRIA, especially at a time of increasing terrorist threats.
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