More than one year of intensive efforts resulted in success on January 8, 2015, when the U.S. Senate passed a six-year renewal of the Terrorism Risk Insurance Act (TRIA) (H.R. 26) by a vote of 93-4. The Senate’s action followed by one day passage in the House by an overwhelming vote of 416-5.
“The message is clear: America will remain insured against acts of terrorism,” said PIA National Executive Vice President and CEO Mike Becker. “The overwhelming votes in both the House and the Senate demonstrate that when it comes to protecting the citizens of the United States against terrorism, there is no partisanship on Capitol Hill. We are hopeful that this forging of bipartisan consensus will serve as a template for dealing with other insurance issues going forward.”
The bill also includes a provision that benefits Main Street insurance agents, the National Association of Registered Agents and Brokers (NARAB II), which PIA supported. NARAB II is designed to be an independent, non-government, non-profit membership organization based in Washington, D.C. designed to facilitate multi-state producer licensing.
PIA cautions that in accordance with how the legislation is written, the Federal Insurance Office (FIO) should have no role whatsoever in the implementation of NARAB II.
“This is a victory for consumers, businesses, the American economy and our national security,” said PIA National Director of Federal Affairs Jon Gentile. “It is an example of legislation in which everybody truly wins. Renewal of the terrorism risk insurance program was a top legislative priority of PIA, because the customers of Main Street insurance agents need the certainty that it provides.”
SOURCE: National Newsline