Washington, DC — David Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA) issued the following statement commending the House Subcommittee on Housing, Community Development and Insurance and the House Subcommittee on National Security, International Development, and Monetary Policy for holding a joint hearing entitled, “Protecting America: The Reauthorization of the Terrorism Risk Insurance Program.” Sampson also applauds House Financial Services Committee Chairwoman Maxine Waters for introducing the bipartisan bill, H.R. 4634, which will reauthorize the Terrorism Risk Insurance Act (TRIA) for ten years in its current form.
“TRIA is critical to the nation’s economic security. It is a fiscally responsible program and critical to continued economic and commercial growth. Failure to reauthorize the program could have significant economic implications on taxpayers. We commend the Subcommittees for holding a joint hearing on this very important issue. We applaud Chairwoman Waters for introducing a bipartisan bill that would reauthorize TRIA for ten years in its current form. The time for Congress to act is now to avoid uncertainty and disruptions and confusion in the marketplace, similar to what we experienced after Congress failed to act in 2014. We urge Congress to take up and pass H.R. 4634 as soon as possible,” said Sampson.
Joe Carter, acting president and CEO of United Educators, testified on behalf of APCIA. His written statement is attached.
The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions—protecting families, communities, and businesses in the U.S. and across the globe.