U.S. SENATORS KATIE BRITT, DAVE MCCORMICK, COLLEAGUES INTRODUCE LEGISLATION TO EXTEND THE TERRORISM RISK INSURANCE PROGRAM FOR SEVEN YEARS

The following information was released by Alabama Senator Katie Boyd Britt:

U.S. Senator Katie Britt (R-Ala.) joined Senator Dave McCormick (R-Pa.) and 22 fellow senators in introducing the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2026. The bill would extend the Terrorism Risk Insurance Act (TRIA) for seven years, ensuring businesses do not face a lapse in terrorism risk coverage.

"For more than two decades, Congress has recognized the need for the Terrorism Risk Insurance Program. While making sure American businesses have access to this protection is an unfortunate necessity in today's world, it's critical that Congress extend the program," said Senator Britt.

In 2002, Congress first passed the Terrorism Risk Insurance Act (TRIA) to make sure that commercial policyholders could obtain terrorism risk coverage in the wake of the September 11 attacks.

The business community has relied on TRIA for years, with the program only briefly lapsing in 2014. During this short lapse, terrorism coverage effectively became unavailable. Today's threat landscape clearly demonstrates that Congress cannot allow further lapses in this program. The Terrorism Risk Insurance Program Reauthorization Act of 2026 would extend TRIA by seven years. Acting before the program expiration date of December 31, 2027, provides long-term market certainty and prevents future gaps in coverage.

"State sponsors of terror pose a persistent threat to the United States, and we must be prepared," said Senator McCormick. "Reauthorizing TRIA ensures businesses and workers in Pennsylvania will be supported in the event of a terror attack."

Senators Britt and McCormick were joined by Senators John Kennedy (R-La.), Tina Smith (D-Minn.), Thom Tillis (R-N.C.), Ruben Gallego (R-Ariz.), Tim Scott (R-S.C.), Jim Banks (R-Ind.), Mike Crapo (R-Idaho), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Bernie Moreno (R-Ohio), Pete Ricketts (R-Neb.), Mike Rounds (R-S.D.), Andy Kim (D-N.J.), Chris Van Hollen (D-Md.), Catherine Cortez Masto (D-Nev.), Kevin Cramer (R-N.D.), Angela Alsobrooks (D-Md.), Chuck Schumer (D-N.Y.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), and Lisa Blunt Rochester (D-Del.).

The Terrorism Risk Insurance Act is backed by the following: American Property Casualty Insurance Association, Council of Insurance Agents and Brokers, Independent Insurance, Agents and Brokers of America, National Association of Mutual Insurance Companies, Reinsurance Association of America, Coalition to Insure Against Terrorism, Nareit, Real Estate Roundtable, Commercial Real Estate Finance Council.