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House Passes Terrorism Reinsurance Renewal; Senate to Take Up Measure

November 20, 2019 / Insurance Journal

The House of Representatives on Monday passed a bill reauthorizing the federal terrorism reinsurance program by a vote of 385-22. The vote came on the Terrorism Risk Insurance Program Reauthorization Act of 2019 (H.R. 4634), a bill introduced by Rep. Maxine Waters (D-Calif.), chairwoman of the House Financial Services Committee, that provides for a seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA). The original Terrorism Risk Insurance Act was enacted in the aftermath of the tragic September 11 terrorist attacks, which resulted in the largest insured losses on record from a non-natural event. Terrorism risk insurance became difficult for businesses to obtain or extremely expensive, complicating the recovery.