Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Terrorism Insurance topic
No spam. Unsubscribe anytime.
Lawmaker urges seven-year reauthorization of terrorism insurance program
Summary
A House committee member urged support for HR 7128 to reauthorize the Terrorism Risk Insurance program for seven years, proposing a higher certification threshold, formal Treasury notice deadlines, and an option for a one-year extension of review. The speaker framed the bill as bipartisan and said it provides certainty for policyholders.
A lawmaker on the Financial Services committee urged colleagues to support HR 7128, the TRIA Program Reauthorization Act of 2026, saying the measure would reauthorize the Terrorism Risk Insurance program for seven years and provide certainty for businesses and institutions that rely on terrorism coverage.
The lawmaker said the bill, sponsored by Representative Flood, is bipartisan and “would increase the threshold to certify an individual terrorism event to require more than $10 million in property and casualty insurance losses from the current level of more than $5 million.” The member also described statutory changes to Treasury’s administrative timeline: requiring public notice in the Federal Register within 30 days of beginning a certification determination and a Treasury decision within 90 days of that notice, with an allowance for the Treasury Secretary to extend review by up to an additional 365 days if more information is required.
The member framed TRIA as a market backstop created after the Sept. 11, 2001 attacks to restore availability of terrorism insurance, saying it helped restart commercial reconstruction and protect small businesses, hospitals, universities and nonprofits. The speaker thanked Committee leaders — “Chairman Hill” and “Ranking Member Waters” — Representative Flood and committee staff for their work on the bill and acknowledged Congresswoman Velasquez and Congresswoman Presley for representing communities affected by terrorism-related tragedies.
The lawmaker’s remarks contained one factual error when recounting the statute: the member stated that “Congress passed TRIA in 2022.” TRIA was originally enacted in 2002 after the Sept. 11 attacks; this article corrects that date while reporting the member’s broader point about the program’s origin and purpose.
No vote or formal motion on HR 7128 was recorded in the provided remarks. The speech concluded with the member urging support and reserving the balance of their time.
