House Introduces TRIA Reauthorization, Schedules Markup of Legislation

 The National Association of Professional Surplus Lines Offices (NAPSLO) commends the continued progress from Congress on the reauthorization of the Terrorism Risk Insurance Act. Earlier this month, the Senate Banking Committee approved its reauthorization proposal. In recent days, the House Financial Service Committee released legislation which would extend the program for five additional years while making a series of reform to the program. NAPSLO appreciates the Committee's outreach and collaboration with industry as this process has progressed, and also appreciates the Subcommittee’s work on reforms contained in the NARAB II legislation.  NAPSLO continues to support the attachment of NARAB II to the final TRIA reauthorization legislation.

As the process moves forward, NAPSLO continues to urge swift action on the part of Congress to reauthorize TRIA before the program expires at the end of 2014.  A markup has been scheduled for Thursday, June 19 and NAPSLO looks forward to continuing to work with Congress to address this program’s reauthorization.