WASHINGTON – David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI) issued the following statement today applauding the House of Representatives for passing H.R. 26, The Terrorism Risk Insurance Program Reauthorization Act of 2015, by a bipartisan vote of 416-5 (with one Member voting “present”). This legislation includes a long-term reauthorization of the Terrorism Risk Insurance Act (TRIA) and enacts the National Association of Registered Agents and Brokers reform Act of 2015 (NARAB II). The bill is identical to S. 2244 which passed the House on December 10, 2014.
“PCI applauds the House Leadership for making TRIA a top priority this week and the tireless efforts of Chairman Jeb Hensarling (R-TX), Ranking Member Maxine Waters (D-CA), and Subcommittee Chairman Randy Neugebauer (R-TX), all members of the House Financial Services Committee, and the many House Members on both sides of the aisle who supported TRIA,” said Sampson. “PCI is grateful that an overwhelming, bipartisan majority in the House came together, again to vote to maintain America’s economic resiliency plan to recover from terrorist attacks. This long-term legislation will minimize market disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers. We also are very pleased that a permanent NARAB II was included in the legislation. PCI calls on the Senate to act swiftly, pass H.R. 26, and send a final bill to the president’s desk in January.”