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senate Bill S. 2244

Extending Terrorism Insurance for Another Seven Years

Argument in favor

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

Argument opposed

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

bill Progress

  • Not enacted
    The President has not signed this bill
  • The house Passed December 10th, 2014
    Roll Call Vote 417 Yea / 7 Nay
  • The senate Passed July 17th, 2014
    Roll Call Vote 93 Yea / 4 Nay
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
    IntroducedApril 10th, 2014

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What is Senate Bill S. 2244?

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. 


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

Cost of Senate Bill S. 2244

A CBO cost is currently unavailable.

More Information


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


Terrorism Risk Insurance Program Reauthorization Act of 2014

Official Title

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

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