Maloney applauds Senate movement on terrorism risk insurance

WASHINGTON – Congresswoman Carolyn Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and GSEs, today released the following statement on a bipartisan Senate bill to reauthorize the Terrorism Risk Insurance Act (TRIA). Maloney is the lead Democratic co-sponsor of the TRIA Reauthorization Act of 2013 (H.R. 508) to extend the Terrorism Risk Insurance Program for five years, through December 31, 2019. 

“I applaud the bipartisan Senate legislation that would extend the availability of terrorism risk insurance beyond 2014. With the current law set to expire at the end of this year and areas like New York City still vulnerable to a terrorist attack, it is essential that Congress act. Today’s announcement of a bipartisan compromise in the Senate will hopefully set the stage for bipartisan movement in the House as well. I am continuing to work with my colleagues on both sides of the aisle to ensure that happens.”

Background:

After the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies.  As a result, Congress passed TRIA as a three year temporary program in 2002, which created a federal backstop to protect against terrorism related losses.  Congress extended the program for two additional years in 2005 and for seven additional years in 2007. Maloney is the lead Democratic co-sponsor of the TRIA Reauthorization Act of 2013 to extend the Terrorism Risk Insurance Program for five years, through December 31, 2019. 

Today’s agreement was announced by Senate Banking Committee members Chuck Schumer, Mike Johanns, Dean Heller and Mark Kirk.