This bill extends the Terrorism Risk Insurance Program, a federal backstop that helps protect the insurance industry and property owners from catastrophic losses due to terrorist attacks, for seven additional years through 2034. The program currently was set to expire in 2027, and this legislation pushes that date back to 2034. The bill also adjusts the timeline for when the government can require the insurance industry to repay any federal assistance provided during a terrorism-related catastrophe, shifting the recoupment deadlines forward by seven years as well. The measure affects property and casualty insurers, businesses that purchase terrorism insurance, and ultimately consumers and property owners who depend on this coverage. No specific new funding amounts are mentioned in the legislation, as the program operates through a cost-sharing mechanism between insurers and the federal government rather than direct congressional appropriations.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.