In a letter to Sens. Mike Crapo (R-Idaho), Sherrod Brown (D-Ohio), Thom Tillis (R-N.C.) and Tina Smith (D-Minn.) today, ABA urged the Senate to expeditiously reauthorize the Terrorism Risk Insurance Program. The House version of the bill was passed with strong bipartisan support yesterday, following unanimous approval by the House Financial Services Committee.
“In the wake of the September 2001 terrorist attacks, when reinsurers and primary insurers abandoned the terrorism risk insurance marketplace, TRIPRA has stabilized those markets, allowed commercial building owners to secure affordable and comprehensive insurance coverage and is one of the reasons the economy has avoided a commercial credit availability crisis,” ABA wrote. The association emphasized that the program’s continuous reauthorization is the best method for ensuring availability of commercial insurance policies in U.S. markets.