Big “I” Praises U.S. Senate Committee’s Action on Bipartisan Terrorism Insurance Bill
Bill would extend TRIA for seven years.
WASHINGTON, D.C., June 3, 2014 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today praised the U.S. Senate Committee on Banking for reporting S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014 by Sens. Chuck Schumer (D-N.Y.) and Dean Heller (R-Nev.), to the full Senate for consideration.
S. 2244 would extend the authorization for the Terrorism Risk Insurance Act (TRIA) program for seven additional years. Along with extending the program, the bill also makes some changes to its mandatory recoupment amount ($27.5 billion to $37.5 billion) and increases the co-pay for private industry's insured losses from 15% to 20%.
“The Big ’I’ is grateful to the Senate Banking Committee, and especially Senators Schumer and Heller, for their action on TRIA,” says Charles Symington, Big “I” senior vice president of external and government affairs. “It is critically important that agents and brokers have the ability to provide protection to our customers in the form of terrorism insurance, and the current TRIA program has worked well to ensure the availability of this coverage. We thank the Committee for their work on this important issue and also look forward to working with Congress on the passage of NARAB II as part of the TRIA bill as it moves through the legislative process.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.