Sponsored by Sen. Dave McCormick (R-PA), with Sens. Tina Smith (D-MN), Thom Tillis (R-NC), and Ruben Gallego (D-AZ), S. 4395 provides a clean seven-year reauthorization through 2034, maintaining the program’s existing structure.
Both chambers have now approved seven-year extensions, but the Senate bill differs from the House-passed measure, which would increase the minimum loss threshold for an event to qualify as an act of terrorism under the program from $5 million to $10 million beginning in 2029 and establish a 90-day timeframe for Treasury certification determinations. (Roundtable Weekly, July 17)Â
What’s Next
Because the House and Senate passed different versions of the reauthorization, identical legislation must still clear both chambers before it can be sent to the president for his signature.
Options include the House adopting the Senate bill, a conference to resolve differences, or attaching final language to a must-pass package by year's end.
RER Advocacy
RER, as co-chair of the Coalition to Insure Against Terrorism (CIAT), has worked with business and insurance organizations to advance a long-term reauthorization well before the program expires.
RER and coalition partners urged lawmakers to advance S. 4395, warning that policyholders are already negotiating coverage extending beyond TRIA's 2027 expiration and emphasizing the importance of maintaining certainty for insurers and policyholders. (Roundtable Weekly, Sept. 18)
RER and its industry partners will continue urging Congress to send a long-term TRIA reauthorization to the president’s desk before the end of the year, providing certainty ahead of the program’s 2027 expiration.
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