Reinsurance Association of America and Coalition Urge Congress to Pass TRIA Reauthorization

WASHINGTON, Sept. 17 -- The Reinsurance Association of America issued the following news release:

The Reinsurance Association of America today joined a coalition of varied business interests to urge Congress to quickly pass a reauthorization of The Terrorism Risk Insurance Act (TRIA) which is set to expire at year-end 2020.

Commenting on the letter, Frank Nutter, president of the Reinsurance Association of America, said, "We view a clean extension of TRIA as straightforward and common sense since previous reforms to the program have minimized taxpayer exposure.

"The program is intended to provide an insurance mechanism that is vital for our nation's economic security and it does so."

Mr. Nutter further commented, "TRIA works well to fill the vacuum in (re)insurance capacity for acts of terrorism, keeps premiums paid by policyholders at affordable levels, provides insurance coverage to support economic activity, and minimizes the need for public disaster assistance should there be future terrorist acts in the U.S.

"This program is a win for the business community and for U.S. taxpayers, and it should be reauthorized."