WASHINGTON – David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI) issued the following statement today applauding the U.S. Senate for passing H.R. 26, The Terrorism Risk Insurance Program Reauthorization Act of 2015, by a bipartisan vote of 93-4. This legislation will reauthorize the Terrorism Risk Insurance Act and enact the National Association of Registered Agents and Brokers Act of 2015 (NARAB II). The legislation passed the House on January 7.
“PCI applauds the Senate for making TRIA the very first bill to be enacted by the 114th Congress. We appreciate the leadership of Senator Mike Crapo (R-ID) and former Senator Tim Johnson (D-SD) for their work in developing a solid piece of legislation. We thank Majority Leader Mitch McConnell (R-KY) and incoming Banking Committee Chair Richard Shelby (R-AL) for bringing the bill to the Senate floor expeditiously. We also thank Senator Chuck Schumer (D-NY), Senator Mark Kirk (R-IL), and Senator Dean Heller (R-NV) for their tireless efforts as well as the many Senators who support TRIA,” said Sampson. “I am grateful that Members of both chambers were able to quickly come together on a bipartisan basis to achieve a hard won compromise to maintain America’s economic resiliency plan to recover from terrorist attacks.
“PCI is thankful to Congress for working with us on this priority for policyholders across America and our member companies. This vote is a significant win for consumers, taxpayers, and our members. This long-term legislation will minimize market disruptions, maintain the availability and affordability of terrorism insurance for consumers, and protect taxpayers. We also are grateful that NARAB II was included in the legislation. We urge President Obama to sign this legislation as soon as possible,” concluded Sampson.