American Property Casualty Insurance Association Issues Statement on Terrorism Risk Insurance Program Legislation

CHICAGO, Illinois, Nov. 20 -- The American Property Casualty Insurance Association issued the following statement by Nat Wienecke, senior vice president for federal government relations, after the Senate Banking Committee passed the legislation (S. 2877) extending the Terrorism Risk Insurance Program for seven years:

This legislation is the companion bill to H.R. 4634, which passed the House earlier this week by a vote of 385-22.

"APCIA applauds the Senate Banking Committee for swiftly passing legislation to extend the Terrorism Risk Insurance Act (TRIA) for seven years.

"The broad bipartisan support in the House and the Senate Banking Committee sends a clear message of the critical role TRIA plays in stabilizing the economy and the overwhelming call to get it done this year.

"We urge Senate Majority Leader McConnell to act on this legislation before the end of the year.

"APCIA appreciates the leadership of Senators Thom Tillis, Tina Smith, and Chairman Mike Crapo and Ranking Member Sherrod Brown."

* * *

The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions--protecting families, communities, and businesses in the U.S. and across the globe.