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House subcommittee opens early push to reauthorize terrorism insurance backstop, witnesses urge long-term extension
Summary
Lawmakers and industry witnesses at the House Financial Services subcommittee hearing said the Terrorism Risk Insurance Act (TRIA) has stabilized the market since 2002 and urged Congress to reauthorize it well before its 2027 sunset to avoid market disruption.
The House Financial Services Subcommittee on Housing and Insurance convened a hearing on reauthorization of the Terrorism Risk Insurance Act (TRIA), with lawmakers and industry witnesses urging early, multi‑year renewal to preserve market stability and coverage availability.
Members said the program, enacted in 2002 after the Sept. 11 attacks, remains necessary because insurers cannot reliably price or model terrorism risk. "TRIA stabilizes not only the insurance sector, but the broader economy," said Andrew Mays, commissioner of the Connecticut Insurance Department, testifying on behalf of the National Association of Insurance Commissioners (NAIC). Mays recommended a long-term reauthorization of seven to ten years to provide certainty for insurers, lenders and developers.
Witnesses described how TRIA functions as a federal backstop rather than a primary insurer. Barrett Weibel, a…
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