Thanks to the efforts of our members participating in NAR’s Call-for-Action, The 114th Congress passed H.R. 26, The Terrorism Risk Insurance Program Reauthorization Act of 2015 on January 8th and was signed by President Obama on January 12th. Concerns were heightened at the adjournment of the lame duck session when the Senate failed to pass the reauthorization of TRIA. NAR was a leading advocate to ensure the measure was successfully reauthorized and participated as a steering committee member on the Coalition to Insure Against Terrorism. The bill renews TRIA for six years and increases the federal government’s protection from risk by raising the trigger amount for the program from $100 million to $200 million, increases the mandatory recoupment amount from $27.5 billion to $37.5 billion, and decreases the government’s share in losses from 85% to 80%. TRIA is an essential measure in the real estate industry as it guarantees terrorism risk insurance is affordable throughout the country at virtually no cost to taxpayers.
Federal: Congress Reauthorizes The Terrorism Risk Insurance Act (TRIA)