Reauthorization of TRIA Makes Progress – the US Federal Terrorism Insurance Backstop

    View Author November 2019

    The US Senate Committee on Banking, Housing, and Urban Affairs approved bill S. 2877 Wednesday, November 20, to reauthorize the Terrorism Risk Insurance Act (TRIA) of 2002. The Terrorism Risk Insurance Program Reauthorization Act of 2019 provides for a seven-year reauthorization period, extending TRIA through 2027. The reauthorization is expected to be passed into law and signed by President Trump, although the timing of final legislative and presidential action is unclear at this time. In the attached alert, Pat Hatler (Of counsel, Columbus) and Brandon Roman (Associate, Washington DC) take a closer look at the history of TRIA and what its reauthorization means.