On Thursday, July 17, the Senate approved S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, by a vote of 93-4. This strong show of bipartisan support for the program follows NAR sending a letter to the Senate and conducting a “Call for Action” among its members urging Senators to support this bill when it was voted on. S. 2244 reauthorizes the federal program created by the Terrorism Risk Insurance Act (TRIA) of 2002 for seven years. The government backstop created by the program for cases of catastrophic losses due to a terrorist event allows private insurers to provide affordable terrorism insurance coverage throughout the country, and the recoupment provision in it protects taxpayers while costing the government nothing. In June, the House Financial Services Committee approved its version of a TRIA reauthorization bill, H.R. 4187. NAR will continue to monitor this issue and advocate for a quick and smooth reauthorization of this program which provides such important protections to commercial real estate.
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