The Reauthorization of the Terrorism Risk Insurance Act of 2002 (EventID=118613)

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Connect with the House Financial Services Committee » Get the latest news: https://democrats-financialservices.house.gov/ » Follow us on Facebook: https://www.facebook.com/USHouseFSC » Follow us on Twitter: https://x.com/USHouseFSC » Follow us on Instagram: https://www.instagram.com/ushousefsc/ » Follow us on Bluesky: https://bsky.app/profile/ushousefsc.bsky.social ___________________________________ » Subscribe: https://www.youtube.com/@USHouseFSC?sub_confirmation=1 ___________________________________ On Wednesday September 17, 2025, at 10:00 a.m. (ET) Housing and Insurance Subcommittee Chair Congresswoman De La Cruz and Ranking Member Congressman Cleaver will host a hearing entitled, “The Reauthorization of the Terrorism Risk Insurance Act of 2002." ___________________________________ Witnesses for this one-panel hearing will be: • Mr. Baird Webel, Specialist in Financial Economics, Congressional Research Service • Mrs. Elizabeth Heck, Chairman, President, and CEO, Greater New York Insurance Companies, on behalf of the National Association of Mutual Insurance Companies • Ms. Michelle Sartain, President, Marsh U.S. and Canada • Mr. Jason Schupp, Founder and Managing Member, Centers of Better Insurance, LLC • Commissioner Andrew N. Mais, Connecticut Insurance Department, on behalf of the National Association of Insurance Commissioners ___________________________________ Congress enacted the Terrorism Risk Insurance Act of 2002 (P.L. 107-297), commonly known as TRIA, in response to the devastating terrorist attacks of September 11, 2001. In addition to the horrific loss of life, those attacks resulted in nearly $60 billion of insurance losses in 2024-adjusted dollars. In response, the insurance market for terrorism risk insurance had essentially evaporated, leaving policyholders exposed and unable to find available and affordable insurance products to meet their needs. TRIA created a temporary three-year federal backstop for insurance companies, who were required to make terrorism risk coverage available within certain lines of commercial property and casualty insurance. Following an act of terrorism that has been certified by the Treasury Secretary as a qualifying event and upon reaching certain economic loss thresholds, TRIA makes payments to insurers to cover a portion of any losses due to terrorism they may experience above a minimum deductible. The requisite levels regarding TRIA payments have varied over time as the program has evolved. As the expiration of the original TRIA program neared, in 2005, the program was extended for two additional years. Then, in 2007, the program was again extended for seven years through the end of 2014. In 2015, the authorization for TRIA was once again extended for six years through the end of 2020. Later, in 2019, the program was further extended through its current expiration date of December 31, 2027. This reauthorization hearing is designed to provide Members an opportunity to examine TRIA’s structure and operations. Legislation Noticed 1. H.R. ____, the TRIA Program Reauthorization Act of 2025: This discussion draft reauthorizes the current Terrorism Insurance Program through the end of 2035. ___________________________________ #housing #hud #housingsupply #manufacturedhousing #ruralhousing ___________________________________ Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=413557