WASHINGTON – The Property Casualty Insurers Association of America (PCI), based in Chicago, today praised Senator Mark Kirk (R-IL) for his leadership in passing H.R. 26, The Terrorism Risk Insurance Program Reauthorization Act of 2015. This legislation includes a long-term reauthorization of the Terrorism Risk Insurance Act and enacts the National Association of Registered Agents and Brokers Act of 2015 (NARAB II). H.R. 26 passed the U.S. House of Representatives on January 7 and the U.S. Senate today.
“PCI praises Senator Kirk for his bipartisan leadership in the passage of The Terrorism Risk Insurance Program Reauthorization Act of 2015,” said Nat Wienecke, PCI’s senior vice president, federal government relations. “I am grateful to Senator Kirk for working across the aisle and bringing both parties together to pass a hard won compromise to maintain America’s economic resiliency plan to recover from terrorist attacks. His work to pass a long-term reauthorization of TRIA in the Senate last July, and again today by overwhelming, bipartisan votes, are a testament to his tireless leadership.”
“This vote is a significant win for consumers, taxpayers, and our members. This long-term legislation will minimize market disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers,” said Nicole Austin, PCI’s assistant vice president, federal government relations. “TRIA is vital to Illinois’ economic growth. Approximately 295 insurance companies protect Illinois’ economy, including its 5.8 million workers and a multitude of commercial properties, hospitals, schools, universities, and stadiums. We applaud Senator Kirk for his leadership to protect Illinois’ citizens, property, economy, and jobs. The 100 PCI employees located in PCI’s Chicago Office are appreciative of his efforts. We urge President Obama to sign this legislation as soon as possible,” concluded Austin.