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Tuesday, December 17, 2013

Senators Urge Action on TRIA Reauthorization

Yesterday, we reported that ABA SVP Kevin McKechnie testified before the National Association of Insurance Commissioners (NAIC) on the need for Congress to renew -- as soon as possible -- the Terrorism Risk Insurance Act, which expires at the end of 2014.

In related news, Sens. Mark Kirk (R-Ill.) and Dean Heller (R-Nev.) yesterday wrote to Senate Banking Committee leaders urging them to begin work on a TRIA reauthorization bill in January. 

“As our state economies begin to slowly improve, the biggest request we hear from our employers is the need for certainty,” Senators Kirk and Heller wrote. “Unfortunately, the threat of TRIA expiration is a constant concern for many businesses throughout our states, particularly in Las Vegas and Chicago, where the threat of a terrorist attack is always high. The possible expiration of TRIA coverage threatens the economic recovery for many of our constituents, especially those in the event, travel, and tourism industries.”

Read the Kirk-Heller letter.

If you would like to learn more about ABIA's support of TRIA or join our TRIA Task Force, please contact us and visit our website.

If you would like to help ABIA advocate for TRIA reforms, join us at our Washington Forum.