Global Public Policy
This week Sen. Thom Tillis (R-NC) and 15 original cosponsors introduced the Terrorism Risk Insurance Program Reauthorization Act of 2019 (S. 2877), a bipartisan seven-year TRIA reauthorization bill that would extend the program until December 31, 2027.
The bill preserves taxpayer reforms included in the Terrorism Risk Insurance Program Reauthorization Act of 2015. It also:
Senate Banking Committee Chairman Mike Crapo (R-ID) has announced that the committee will vote on the bill next week, moving the legislation forward through the legislative process and providing assurance to the markets that the federal back-stop on terrorism risk will be allowed to continue.
The bill is similar to H.R. 4643, which was passed out of the House Financial Services Committee by a vote of 57 to 0. The full House is likely to vote on the measure next week.
Access to terrorism risk insurance is an essential part of most commercial real estate risk management programs and required by most lenders. ICSC continues to work with other stakeholders through the Coalition to Insure Against Terrorism (CIAT) and advocate for a timely reauthorization of this program.