The U.S. Senate Banking, Housing, and Urban Affairs Committee on Wednesday unanimously approved a bipartisan bill led by U.S. Sen. Thom Tillis (R-NC) to reauthorize the Terrorism Risk Insurance Act for seven years.
“I want to thank Chairman Crapo and the Senate Banking Committee for making reauthorization of the Terrorism Risk Insurance Program a priority,” Sen. Tillis said on Nov. 20 following the committee’s markup and vote.
Sen. Tillis on Nov. 11 sponsored the Terrorism Risk Insurance Program Reauthorization Act of 2019, S. 2877, with cosponsor U.S. Sen. Tina Smith (D-MN) to extend for seven years the Terrorism Risk Insurance Program, which provides insurance for events held by such groups as the Republican National Committee, the Democratic National Committee, the National Football League, the National Association for Stock Car Auto Racing (NASCAR), and the National Hockey League.
The Terrorism Risk Insurance Act, enacted by Congress in 2002, requires all property and casualty insurers in the United States to make terrorism coverage available.
The Terrorism Risk Insurance Program, which was established post-9/11, offers coverage through a public-private partnership that allows the federal government and the insurance industry to share losses in the event of a major terrorist attack.
“This important program, created in the wake of the 9/11 attacks at no cost to taxpayers, protects North Carolina’s economy and provides peace of mind to the private sector by providing insurance protections,” said Sen. Tillis.
Among the 14 other members who joined Sen. Tillis in cosponsoring S. 2877 were U.S. Sens. Martha McSally (R-AZ), Jerry Moran (R-KS), and Mike Rounds (R-SD).
The measure now heads to the full Senate for action.