PIA National supports H.R. 4634, which passed the House Financial Services Committee today in a bipartisan vote of 57-0. The bill would extend the Terrorism Risk Insurance Program (TRIP) for seven years with minimal changes to the program. TRIP expires at the end of next year on December 31, 2020.
PIA National has been advocating throughout 2019 for a straightforward reauthorization, passed well before the program is set to expire. A timely reauthorization is important to provide stability to policyholders and markets. PIA National submitted testimony highlighting the importance for passing a long-term reauthorization bill in advance of a hearing that took place on October 16th in the House Financial Services Committee.
PIA National also supports a substantive change to the bill, the creation of a mandate for a study to be conducted on cyber terrorism, including whether the current risk-share system is appropriate for a cyber terrorism attack, and whether cyber risk coverage can be adequately priced by the private market.
PIA National is now urging quick action by the full House and then the Senate.