releases: https://www.tillis.senate.gov/2019/11/senate-banking-committee-unanimously-passes-tillis-smith-legislation-to-extend-terrorism-risk-insurance-program
Data license: MIT · Data source: dwillis/congress-press
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| https://www.tillis.senate.gov/2019/11/senate-banking-committee-unanimously-passes-tillis-smith-legislation-to-extend-terrorism-risk-insurance-program | Senate Banking Committee Unanimously Passes Tillis & Smith Legislation to Extend Terrorism Risk Insurance Program | 2019-11-20 | 2019 | 2019-11 | Republican | House | NC | Thom Tillis | T000476 | www.tillis.senate.gov | legacy | WASHINGTON, D.C. Today,the Senate Banking Committee unanimously passed bipartisan legislation led byU.S. SenatorsThom Tillis (R-NC)and Tina Smith (D-MN), membersof the Senate Banking Committee, that would extend the Terrorism Risk Insurance Program for seven years.Entitieslikethe2020 RNC Conventionin Charlotteand DNCConvention, NASCAR, the NFL,andthe NHL all require Terrorism Risk Insurancefor their facilities. The Terrorism Risk Insurance Program was established in response tothescarcity of affordable insurance coverage for terrorism riskin the wake of the attacksonSeptember 11, 2001. Since then, theprogram has improved the availability and affordability of terrorism risk insurance coverage in the marketplace througha public/private partnership that allows the federal government and the insurance industry to share losses in the event of a major terrorist attack. The Terrorism Risk Insurance Act (TRIA), which was enacted by Congress in November 2002, ensures that adequate resources are available for businesses to recover and rebuild if they are the victims of a terrorist attack. Under TRIA, all property and casualty insurers in the U.S. are required to make terrorism coverage available. I want to thank Chairman Crapo and theSenateBanking Committee for making reauthorization of the Terrorism Risk Insurance Program a priority,said Senator Tillis.This important program, created in the wake of the 9/11 attacks at no cost to taxpayers, protects North Carolina's economy and providespeace of mind to the private sector by providing insurance protections. Thank you to my colleagues on the Senate Banking Committee for understanding that access to affordable insurance for terrorism-related risks is critical for American businesses to be able to grow and create jobs,said Senator Smith.The Terrorism Risk Insurance Program needs to be extended, and unanimously passing it out of Committee with bipartisan support shows we're all committed to doing that. The legislation is co-sponsored by Senators Martha McSally (R-AZ),Bob Menendez (D-NJ), David Perdue (R-GA),Chris Van Hollen (D-MD),Kevin Cramer (R-ND),Catherine Cortez-Masto (D-NV),Jerry Moran (R-KS), Kyrsten Sinema (D-AZ), Mike Rounds (R-SD), Brian Schatz (D-HI), Tim Scott (R-SC), Chuck Schumer (D-NY), Mike Crapo (R-ID), and Sherrod Brown (D-OH). Specifically, theTerrorism Risk Insurance Program Reauthorization Act of 2019: Reauthorizes the Terrorism Risk Insurance Program for seven years, through December 31, 2027,and preserves the taxpayer reforms included in the Terrorism Risk Insurance Program Reauthorization Act of 2015; Directs the Treasury Department in its biennial report on the Terrorism Risk Insurance Program and its effectiveness to include an evaluation of the availability and affordability of terrorism risk insurance, including specifically for places of worship; and Directs the Government Accountability Office to analyze and address, and report on, the vulnerabilities and potential costs of cyber terrorism, adequacy of coverage under the Program, and to make recommendations for future legislative changes to address evolving cyber terrorism risks. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |