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- President Obama Signs Long-Term TRIA Reauthorization into Law
WASHINGTON – President Barack Obama has signed into law H.R. 26, The Terrorism Risk Insurance Program Reauthorization Act of 2015. Nat Wienecke, senior vice president, federal government relations for the Property Casualty Insurers Association of America (PCI) made the following statement:
“PCI applauds President Obama for quickly enacting The Terrorism Risk Insurance Program Act of 2015 into law. Today’s bill signing is a momentous occasion for consumers, taxpayers, and our members,” said Wienecke. “This long-term legislation will minimize market disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers. The overwhelming bipartisan votes in the House and Senate are a testament to the need for this critical program to preserve economic certainty today and provide for economic resiliency in the face of a catastrophic terrorist event. PCI applauds the President and Congress for making TRIA a top priority.”
- 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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