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

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gillian@pciaa.net

 

 

FOR RELEASE ON RECEIPT

July 17, 2014

PCI Commends Senate Passage of Terrorism Risk Insurance Program Reauthorization Act of 2014

 

WASHINGTON – Nat Wienecke, senior vice president, federal government relations of the Property Casualty Insurers Association of America (PCI) issued the following statement on the Senate passage of the Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244). The legislation passed the Senate today 93-4. The Senate also added the National Association of Registered Agents and Brokers legislation (NARAB II) as an amendment.

“PCI commends the Senate for passing the Terrorism Risk Insurance Program Reauthorization Act of 2014. This long-term legislation will minimize the disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers,” said Wienecke. “It is great to see members of both parties come together in a broad bipartisan fashion to support America’s economic resiliency plan to recover from terrorist attacks.

“PCI is also grateful that the Senate, like the House, included the NARAB II legislation as an amendment,” continued Wienecke. “We are pleased that the NARAB II legislation is moving through the legislative process, though we look forward to working with Congress to amend the ‘sunset’ provision before it’s enacted into law. NARAB II is common sense legislation that creates a streamlined agent and broker licensing system that strengthens the competitive insurance market and protects consumers. We call on Congress to come together and send a TRIA bill with NARAB II to the president’s desk before the August recess.”

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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