As you may know, the federal backstop for terrorism insurance, the Terrorism Risk Insurance Act (TRIA), expires on Dec 31, 2014. When Congress returns for the lame-duck session in mid-November, it is critical that they complete their work to reauthorize this program. TRIA has been the mechanism that provides ready access to affordable insurance - evidenced by the 91 percent of member companies that purchase this coverage. Therefore, reauthorizing TRIA is a top legislative priority.
Unfortunately, Congress has failed to come to consensus on how to address the issue. The Senate passed a seven-year modest reform bill in July, while the House Financial Services Committee passed a five-year bill that would scale back the program more significantly, but lacks the support to move the bill to the House floor.
While lawmakers acknowledge the need to deal with TRIA before its expiration, we are concerned they might consider a six- to seven-month extension. This is not acceptable for a program like TRIA. It simply won’t work and, absent a multi-year extension, market disruption is inevitable.
We Need Your Help
Along with our CIAT partners, NMHC/NAA urge you to support a Legislative Fly-In on Wednesday, November 19, 2014, where we will schedule personal meetings for NMHC/NAA members with key Congressional offices.
The goal is to urge these lawmakers, including House and Senate Leadership, to act now to reauthorize this program on a multi-year basis.
|When:||Wednesday, Nov. 19, 2014|
|Time/Place:||8:00 a.m.: Breakfast Briefing /American Trucking Association, 430 1st Street, SE, Washington, DC|
|9:00 a.m. -5:00 p.m.: Members of Congress office visits on Capitol Hill|
We encourage you to consider joining us and meeting with your Members of Congress to deliver our message.
A list of lawmakers targeted in this effort is available here.
If you are a constituent or have communities in the district or state identified, your attendance at these meetings would be greatly appreciated. If you would like to meet with a member not on this targeted list, please let us know and we will schedule that meeting as well.
Your constituent voice is critical to the overall success of our campaign.
If you can participate, or would like more information, please contact Jeanne McGlynn Delgado at email@example.com.
- Senate Takes an Early Look at Terrorism Risk Insurance Reauthorization
- Coalition Letter to Senate Banking Committee Regarding Terrorism Risk Insurance - June 2019
- Multifamily Industry Applauds Terrorism Insurance Passage
- NMHC/NAA Applaud Passage of Terrorism Insurance by Congress
- Congress Goes Home Without Renewing Terrorism Insurance