U.S. Senate committee approves terrorism insurance act extension

The Senate Banking Committee in the United States unanimously voted this week to approve the Terrorism Risk Insurance Program Reauthorization Act of 2014.

The 22-0 bipartisan vote was on a bill that would see the existing TRIA program extended for seven years.

The existing program, which became law in 2002, expires Dec. 31.

Insurance associations in the United States have been pushing for the renewal of the program.

Background: U.S. government ‘likely’ to extend terrorism insurance law but industry will have ‘limited capacity’ if it doesn’t: Marsh

“This seven year extension of TRIA will continue to help promote economic growth and provide certainty for commercial property development and job creation across the country while protecting the taxpayer,” committee chairman Tim Johnson said in a statement on Tuesday.

“With such a substantial bipartisan vote out of the Banking Committee, I thank my colleagues on both sides of the aisle and plan to continue working with them to move the bill through the Senate in a timely manner.”