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Despite having a bipartisan compromise bill, the Senate failed to reauthorize the Terrorism Risk Insurance Act (TRIA) before it adjourned for the remainder of the year, resulting in the program expiring on December 31, 2014. Sen. Schumer (D-NY) and Rep. Hensarling (R-TX) worked together for several weeks in the "lame duck" Congressional session to craft a compromise bill that would reauthorze the program and be amenable to both the House and Senate. Having negotiated the compromise - a six-year reauthorization that raised the trigger from $100 million to $200 million, but did away with the problematic changes to the program present in the House Financial Serivces Committee's original bill - it passed the House by a vote of 417-7 on December 10th. When it came time for the Senate to take it up though, objections to provisions in the bill unrelated to TRIA were raised, resulting in Senate Majority Leader Harry Reid not bringing it up for vote before adjournment.
NAR is extremely disappointed that the Senate didn't act to renew this vital program, and has already begun to work towards its immediate reauthorization once the 114th Congress convenes, on January 6th. Speaker of the House Rep. John Boehner (R-OH) has stated that passing a TRIA reauthorization is going to be one of their top priorities in January. NAR will continue to monitor this issue and advocate for its quick renewal in the new Congress.
Read NAR 2015 President Chris Polychron's statement on the failure to reauthorize TRIA here.