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house Bill H.R. 26

Extending Terrorism Insurance for Another Seven Years

Argument in favor

Promotes economic growth and provides certainty for commercial property development while protecting the taxpayer.

Taret's Opinion
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05/20/2015
Normally I would say this is for the private sector, but a terrorist attack can be completely catastrophic in which no private entity would be able to insure fully.
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GraysonMask's Opinion
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08/27/2016
This reminds me of how many coastal insurance companies don't want to offer tsunami insurance, because all it takes is one bad tsunami to put the company in bankruptcy. The free market has spoken and we can see that no private insurance company wants to be in the terrorism insurance market. If the private market doesn't want to supply something, then the federal government will (no matter how low quality the service may be).
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Bfallen07's Opinion
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08/28/2015
Insurance companies get away with murder so to speak!
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Argument opposed

The Feds need to get out of the terrorism insurance industry and leave it to the private sector to deal with.

operaman's Opinion
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08/27/2016
The Feds should remove itself from offering any form of insurance. Just another form of taxpayer support. Like Flood Insurance where the insured/claimants just rebuilds on the same property while a privately held insurance company would keep raising rates to force insured to higher ground.
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GrumpyMSgt's Opinion
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08/11/2015
It is my understanding that the recent agreement between the Mula in the White House and his friends in Iran allows the Iranians a pass on any such payouts. Frees up their funds from r more terrorist activities how any democrat could support this unknown possible son of Frank Marshall Davis amazes me.
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John's Opinion
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06/06/2015
Are they going to insure my house against fire? flood? earthquake? No? Why this,then?
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bill Progress


  • EnactedJanuary 12th, 2015
    The President signed this bill into law
  • The senate Passed January 8th, 2015
    Roll Call Vote 93 Yea / 4 Nay
  • The house Passed January 7th, 2015
    Roll Call Vote 416 Yea / 5 Nay
      house Committees
      Committee on Agriculture
      Committee on Financial Services
    IntroducedJanuary 6th, 2015

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What is House Bill H.R. 26?

This bill reauthorizes the Terrorism Risk Insurance Act (TRIA) through December 31st, 2021. TRIA addresses insurance claims stemming from acts of terrorism. Following the 9/11 terrorist attacks, many reinsurers left the terrorism coverage market. This, in turn, caused primary insurers to omit terrorism coverage from their offerings, too. In 2002, the Feds stepped in and played the role of reinsurers, providing a financial backstop in the case of a large-scale terrorist attack. TRIA was extended in 2007, and is currently set to expire on December 31st, 2014. Losses from the terrorist act in question must exceed $100 million for the Act to kick in. The extension would also change the coinsurance requirement from 15% to 20% and raise the amount that businesses could recoup from $27.5 million to $37.5 million. 

Impact

The Act allows businesses to obtain terrorism insurance when it might otherwise be too costly to do so.

Cost of House Bill H.R. 26

A CBO cost is currently unavailable.

More Information

Media:



Of Note:

The House is considering three separate TRIA extension bills of its own, one of which would extend TRIA for five years (as opposed to the Senate's seven) and two of which would extend the Act for another decade. An overview of these bills can be found here

AKA

Terrorism Risk Insurance Program Reauthorization Act of 2015

Official Title

To extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes.

    The Feds should remove itself from offering any form of insurance. Just another form of taxpayer support. Like Flood Insurance where the insured/claimants just rebuilds on the same property while a privately held insurance company would keep raising rates to force insured to higher ground.
    Like (5)
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    Normally I would say this is for the private sector, but a terrorist attack can be completely catastrophic in which no private entity would be able to insure fully.
    Like (2)
    Follow
    Share
    It is my understanding that the recent agreement between the Mula in the White House and his friends in Iran allows the Iranians a pass on any such payouts. Frees up their funds from r more terrorist activities how any democrat could support this unknown possible son of Frank Marshall Davis amazes me.
    Like (1)
    Follow
    Share
    This reminds me of how many coastal insurance companies don't want to offer tsunami insurance, because all it takes is one bad tsunami to put the company in bankruptcy. The free market has spoken and we can see that no private insurance company wants to be in the terrorism insurance market. If the private market doesn't want to supply something, then the federal government will (no matter how low quality the service may be).
    Like (1)
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    GLOBAL WARMING! Alternative energy.
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    Makes sense as terrorism is a threat.
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    I'm sure the insurance company holding the policy for Americas terrorism insurance is well affiliated with everyone's pocket linings in congress.
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    We don't need any more pipelines until the safety of existing pipelines have been thoroughly examined.
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    The feds need to stop paying for terrorist acts. The federal government is not responsible for the acts of terror conducted by foreign nationals.
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    Just where does the US taxpayer enter into this transaction? If we took a more proactive approach to surveiling the incubator mosques and imams, and shut our borders generally and pulled up the red carpet for Somali degenerates and other demanding Muslim riffraff maybe the insurance premiums would drop? Or is an avoidance of insurance payouts the rationale behind denying that Allah Akhbarbarism is simply bald terror?
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    Our Government is there to protect us from this Islamic lying Muslim Threat Not to say we need Terrorist Insurance. It looks like the Politicians are betraying the People. I can see why Fox News is getting high Ratings. Some time soon most of the People will raise up to fight and then most of the Politicians will feel sorry. Start doing what's best for the people of the United Sates of America. I Love this Country and the State of Indiana and I am seeing it become corrupted by Dirty U.S Politicians. Across this Country a lot of the people are getting mad about this Islamic threat that call there self's Muslims. Even over the last few years people have been getting sick of the U.S Citizen's Jobs be given to Illegals. Start Standing with the United States Citizens.
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    I was not aware that the feds were licensed insurance agens..
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    Private sector insurance can handle this.
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    Absolutely not! Private insurance can clearly provide this coverage. Get out of the insurance business...
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    Try keeping the countries borders secure first.
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    Are they going to insure my house against fire? flood? earthquake? No? Why this,then?
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    Insurance companies get away with murder so to speak!
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