The National Association of Professional Insurance agents (PIA) has launched a nationwide grassroots action campaign to urge Congress to pass a two-year extension of the Terrorism Risk Insurance Act of 2002. The grassroots campaign follows the passage of H.R. 4634 to extend TRIA through 2007 by the House Financial Services Committee.
“The momentum to extend this vital financial backstop is now on the side of those of us advocating for it,” commented PIA assistant vice president of federal affairs Pete Bizzozero, who attended the committee mark-up. “Our goal now is to secure passage by the full House and by the Senate.”
“It is imperative that Congress extend TRIA before it adjourns and not defer action,” Bizzozero said. “Renewal must occur now to assure continued availability of terrorism insurance coverage for PIA members’ clients, and to stabilize capacity for the entire P&C marketplace, which faces additional strain with each new hurricane that hits the United States.” Bizzozero said time is of the essence.
PIA continues to support and participate in ongoing efforts by the insurance industry to secure Congressional extension of TRIA for a period of two years beyond its scheduled expiration on Dec. 31, 2005.
In addition, PIA joined with its industry colleagues in signing joint letters and filing its own accompanying comments with the U.S. Treasury Department detailing market capacity reports from PIA members in the small-to-midsize commercial market, successfully advocating for Treasury extension of the “make available” provision in the current law.
“When Congress enacted this law, memories of the terrorist attacks of September 11, 2001 were fresh in everybody’s minds,” said PIA Executive Vice President & CEO Len Brevik. “As we all know, the threat of another attack has not diminished. That is why it is vital to continue this crucial financial backstop, which can kick in if something happens again. We may not like to think about it, but we must remain prepared.”
PIA lobbied aggressively in 2002 as part of a broad industry coalition for enactment of the legislation, which was passed by Congress and signed by the president in November 2002.