Banking Committee advances Terrorism Risk Insurance Program reauthorization

U.S. Senator and Senate Banking Committee member Kevin Cramer (R-ND) today helped advance the Terrorism Risk Insurance Program Reauthorization Act of 2019 out of the Banking Committee and onto the Senate floor.

“If the unthinkable were to occur, America must be ready and able to immediately act,” Senator Cramer said. “Our legislation ensures – in the event of an emergency – we can protect jobs and provide businesses with the necessary resources, all while giving the American people peace of mind knowing we are prepared for every scenario.” 

This legislation passed today:

• Reauthorizes the Terrorism Risk Insurance Program for seven years and preserves the taxpayer reforms included in the 2015 reauthorization;
• Directs the Treasury Department in its biennial report on this program to include an evaluation of the availability and affordability of terrorism risk insurance; and
• Aligns mandatory recoupment from private insurers by the federal government in the event of an act of terrorism;
• Directs the Government Accountability Office to analyze and report on the vulnerabilities and potential costs of cyber terrorism, adequacy of coverage under the Program, and to make recommendations for future legislative changes to address evolving cyber terrorism risks.

The Terrorism Risk Insurance Program was enacted in 2002 after originally being introduced in the aftermath of the September 11, 2001 terror attacks. It is currently set to expire at the end of 2020. Senator Cramer joined Senators Thom Tillis (R-NC) and Tina Smith (D-MN) to introduce this bipartisan legislation to reauthorize the program for seven years. It is cosponsored by Senators Martha McSally (R-AZ), Bob Menendez (D-NJ), David Perdue (R-GA), Chris Van Hollen (D-MD), Catherine Cortez-Masto (D-NV), Jerry Moran (R-KS), Kyrsten Sinema (D-AZ), Mike Rounds (R-SD), Brian Schatz (D-HI), Tim Scott (R-SC), Chuck Schumer (D-NY), Mike Crapo (R-ID), and Sherrod Brown (D-OH).