Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined Senators Thom Tillis (R-N.C.) and Tina Smith (D-Minn.) in introducing bipartisan legislation that would extend the Terrorism Risk Insurance Program for seven years. Entities like the 2020 RNC and DNC Conventions, NASCAR, the NFL, and the NHL all require Terrorism Risk Insurance for their facilities.
“Nevada is home to the Entertainment Capital of the World, and this standing comes with security challenges and costs for our local businesses. Reauthorizing TRIA will ensure businesses in the Silver State have the support they need in the event of a terrorist attack. I’ll continue fighting in the Senate so that Nevada businesses, as well as our first responders, have the necessary resources to respond to emergencies.”
This legislation is also cosponsored by Senators Martha McSally (R-Ariz.), Bob Menendez (D-N.J.), David Perdue (R-Ga.), Chris Van Hollen (D-Md.), Kevin Cramer (R-N.D.), Jerry Moran (R-Kan.), Kyrsten Sinema (D-Ariz.), Mike Rounds (R-S.D.), Brian Schatz (D-Hawaii), Tim Scott (R-S.C.), Chuck Schumer (D-N.Y.), Mike Crapo (R-Idaho), and Sherrod Brown (D-Ohio).
BACKGROUND:
The Terrorism Risk Insurance Program was established in response to scarcity of affordable insurance coverage for terrorism risk in the wake of the September 11, 2001 attacks. Since then, the Program has improved the availability and affordability of terrorism risk insurance coverage in the marketplace through a public/private partnership that allows the federal government and the insurance industry to share losses in the event of a major terrorist attack. The Terrorism Risk Insurance Act (TRIA), which was enacted by Congress in November 2002, ensures that adequate resources are available for businesses to recover and rebuild if they are the victims of a terrorist attack. Under TRIA, all property and casualty insurers in the U.S. are required to make terrorism coverage available.
Specifically, the Terrorism Risk Insurance Program Reauthorization Act of 2019:
- Reauthorizes the Terrorism Risk Insurance Program for seven years, through December 31, 2027 and preserves the taxpayer reforms included in the Terrorism Risk Insurance Program Reauthorization Act of 2015;
- Directs the Treasury Department in its biennial report on the Terrorism Risk Insurance Program and its effectiveness to include an evaluation of the availability and affordability of terrorism risk insurance, including specifically for places of worship; and
- Directs the Government Accountability Office to analyze and address, 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.