Guthrie Votes to Reauthorize Terrorism Risk Insurance Act

WASHINGTON, D.C.– Congressman Brett Guthrie today voted in support of S. 2244, a bill to reauthorize the Terrorism Risk Insurance Act (TRIA) for six years.

Passed in the aftermath of the terrorist attacks on September 11, 2001, TRIA was designed to create a backstop for insurance claims to be shared by the federal government when due to acts of terrorism.

“TRIA promotes a stable and affordable terrorism risk insurance market and contributes to economic certainty,” said Congressman Guthrie.  “It is important we continue this program so that businesses will be better positioned when making plans for the future. Because TRIA was designed as a temporary program, it is also important that any renewal of the program be accompanied by appropriate reforms.”

The law has been extended twice, and the most recent version would have expired at the end of this year.  The six-year extension also reduces the federal government’s share of the losses by one percent annually until it reaches 80 percent, and increases the mandatory amount that insurers must pay back to the federal government to $37.5 billion, an increase of $10 billion.

“I support this long-term extension of TRIA because it is in our nation’s best interest and makes the necessary reforms to ensure that taxpayers are protected.  I encourage the Senate to quickly follow suit,” added Congressman Guthrie.