National Association of Mutual Insurance Companies Issues Statement on Approval of Terrorism Risk Insurance Act Extension Legislation

INDIANAPOLIS, Indiana, Nov. 20 -- The National Association of Mutual Insurance Companies issued the following statement by Jimi Grande, senior vice president of government affairs, on the Senate Banking Committee approves the Terrorism Risk Insurance Act extension legislation:

"NAMIC commends the leadership and bipartisanship of the Senate Banking Committee for taking up and passing S. 2877, critical legislation that will reauthorize the Terrorism Risk Insurance Act, thereby safeguarding our country's national economic security from the threat of a catastrophic terrorist attack.

"TRIA is the right model for risk-sharing between insurers, policyholders, and the federal government that, in addition to providing an immediate stabilizing effect in the short-term following a terrorist attack, has helped create a robust private market for terrorism insurance to form where it would not have otherwise.

"With passage of TRIA reauthorization legislation out of the House on Monday, today's unanimous passage of an identical bill out of the Senate Banking Committee demonstrates that there is little daylight between the two chambers or between the two sides of the aisle.

"There is no reason Congress shouldn't be able to get a bill to the president's desk by the end of the year. Today, NAMIC is calling on House and Senate leadership to come together and commit to accomplishing this in 2019."