American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
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Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

June 20, 2014

PCI Optimistic After House Action on TRIA

 

WASHINGTON – Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement.

“The Financial Services Committee’s approval of the TRIA Reform Act (H.R. 4871) is another important step toward enactment of TRIA reauthorization,” said Wienecke. “We thank Chairman Hensarling (R-TX) and Subcommittee Chairman Randy Neugebauer (R-TX) for taking action on TRIA’s reauthorization and for working with us on this priority for our membership and policyholders across America. We look forward to continuing that work and engaging the full House and Senate to further improve TRIA reauthorization legislation with the hope of enactment before the August recess. We are also very pleased that the National Association of Registered Agents and Brokers (NARAB II) was adopted by the Committee during the markup and will be included in the House TRIA Reform Act.

“Legislating is the art of the possible, and at this point, both House and Senate Committees of Jurisdiction have passed changes to TRIA in its current form. As they continue deliberations, we call on Congress to ensure that any increases to the trigger and co-share not be so high or so steep that they inhibit the availability and affordability of terrorism insurance. PCI will continue to work with members on both sides of the aisle and both sides of the Capitol on a long-term reauthorization of TRIA,” concluded Wienecke.

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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