On November 20, the U.S. Senate Banking, Housing and Urban Affairs Committee passed legislation to reauthorize the current iteration of the Terrorism Risk Insurance Act (TRIA) for seven (7) years unanimously by voice vote. This action comes two days after the U.S. House passed a companion TRIA reauthorization bill.
PIA National issued a press release commending the action by the committee. We have made it a key priority this year to have the TRIA program reauthorized well before its scheduled expiration of December 2020. The bill makes minimal changes to the program and provides a long-term reauthorization. PIA National is now urging the full Senate to pass this bill before the end of the year.