The Senate Banking Committee voted 24–0 on Sept. 17 to advance the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2026 (S. 4395), moving a long-term extension of the federal terrorism insurance program toward full Senate consideration. (Coalition Letter, Sept. 16 | Insurance Journal, Sept. 17)

State of Play

• As introduced, the Senate legislation would extend the program for seven years through Dec. 31, 2034, maintaining its existing framework. TRIA is currently scheduled to expire on Dec. 31, 2027. (Senate Banking Statement, Sept. 17 | Bill Text)

• On June 29, the House voted 373–15 to pass its bipartisan reauthorization bill (H.R. 7128), also extending the program through 2034. (Roundtable Weekly, July 17)

• The House measure would also raise the minimum loss threshold for terrorism certification from $5 million to $10 million beginning in 2029 and establish a 90-day timeframe for Treasury certification decisions. (Roundtable Weekly, July 17)

Roundtable Advocacy

• Ahead of the vote, RER, the Coalition to Insure Against Terrorism (CIAT), and a broad group of trade associations submitted a letter to Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-Mass.), urging them to advance S. 4395 to the full Senate. (Coalition Letter, Sept. 16

• The coalition warned that policyholders are already negotiating coverage extending beyond TRIA’s 2027 expiration. Past reauthorization delays have prompted insurers to include conditional exclusions that eliminate terrorism coverage if the program lapses.

• RER, which co-chairs CIAT, has consistently urged Congress to act early. The latest letter builds on the coalition’s July call to include long-term TRIA reauthorization in must-pass legislation this year. (Coalition Letter, July 29)

Why It Matters

• Following the Sept. 11 attacks, terrorism insurance became largely unavailable, disrupting commercial real estate financing and construction. TRIA’s public-private partnership helps maintain access to coverage needed to finance projects, protect jobs, and support investment. (Roundtable Weekly, May 1)

• Since 2002, the program has served as a public-private risk-sharing mechanism that helps maintain the availability of terrorism insurance at virtually no cost to taxpayers.

The bill now heads to the full Senate for consideration. RER and its coalition partners will continue urging Senate passage and enactment of a long-term TRIA extension this year.