House Financial Services Committee Chairman Jeb Hensarling (R-Tex.) vowed Monday that the House will vote this week on a bipartisan bill to renew the Terrorism Risk Insurance Act (TRIA) as it did last month before the bill died in the Senate.
Last month, Democrats joined Republicans in the House to overwhelmingly pass the TRIA reauthorization legislation 417-7. However the bill died in the Senate due to Sen. Tom Coburn’s (R-Okla.) opposition to an insurance producer licensing provision that was included in the terrorism reinsurance bill. Sen. Coburn has since retired.
Dodd-Frank, Flood Insurance Foe Hensarling Faces Test on TRIA Renewal
The insurance and business communities had expected the Senate to follow the House and renew TRIA.
“The House will once again lead on this issue and bring up the same bipartisan bill that 196 House Democrats voted for less than a month ago,” said Hensarling. “I look forward to yet another overwhelmingly bipartisan vote for this legislation.”
The insurance and business communities have been pressing Congress for to pass the renewal of TRIA, which expired at the end of last year.
Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI), praised the House leadership for making TRIA a priority this week.
“It is important that Congress act immediately to minimize market disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers,” said Wienecke.
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