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- PCI Applauds the House for Passing a Long-Term TRIA Reauthorization and NARAB II
- WASHINGTON – The Property Casualty Insurers Association of America (PCI) today applauds the House of Representatives for passing S. 2244, The Terrorism Risk Insurance Program Reauthorization Act of 2014. This legislation includes a long-term reauthorization of the Terrorism Risk Insurance Act and enacts the National Association of Registered Agents and Brokers Reform Act of 2014 (NARAB II).
“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.”
The TRIA reauthorization extends the terrorism insurance program for six years, and over time phases in increases in the program trigger from $100 million to $200 million, the private sector insurance company co-share from 15% to 20%, and the mandatory recoupment of federal payments through marketplace surcharges from $27.5 billion to over $37.5 billion. The bill also clarifies that multiple acts of terrorism in a year aggregate towards the trigger, reducing legal uncertainty in the program.
“This long-term legislation will minimize market disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers. We are also very pleased that a permanent NARAB II was included in the legislation,” continued Sampson.
“PCI calls on the Senate to pass this legislation and send a final TRIA reauthorization bill to the president’s desk,” concluded Sampson.
- PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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