Terrorism Risk Insurance Program Re-authorization Act of 2015
Extends the federal terrorism insurance program for six years
In the biggest legislative win for the Big “I” in well over a decade, the U.S. Congress passed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, during the first full week of January, and it has been signed into law by the President. This legislative package included a six-year extension of TRIA and the Big “I” preferred, permanent version of NARAB II to streamline nonresident licensing.
The bill reauthorizes the TRIA program “retroactively” to the Dec. 31, 2014 expiration, and most experts expect little market disruption to occur.
Our national association has prepared a section-by-section summary of the TRIA extension to further explain this landmark insurance legislation.