Today, the American Bankers Insurance Association applauds the United States Senate for passing reauthorization of the Terrorism Risk Insurance Act with a vote of 93-6. The bill, H.R. 26, was passed yesterday in the House with a large majority vote of 416-5.
The bill is identical to the TRIA/NARAB II bill the House passed last December and also contatins NARAB II provisions. ABIA, since its inception, has been working on national treatment of insurance regulation, largely through support for an Optional Federal Charter, which would have included provisions for national producer licensing. The competing idea to this proposal is the NARAB framework established by the Gramm-Leach-Bliley Act and updated in this current legislation, known as NARAB II.
ABIA has long been a strong industry advocate for both of these programs and national treatment of insurance regulations will continue to remain an association top priority.
If you would like to learn more about ABIA's support of TRIA or to join our TRIA Task Force, please contact us and visit our website.