In a move to secure the future of a crucial federal program, the insurance industry has been actively advocating for the passage of the TRIA Program Reauthorization Act of 2026. The legislation, known as HR 7128, was introduced by Mike Flood, R-Neb., and received support from Andrew Garbarino, R-N.Y. Following a vote on January 22, the bill advanced out of the House Financial Services Committee, marking a significant step towards extending the federal terrorism backstop.
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The Terrorism Risk Insurance Act (TRIA) was initially enacted in response to the September 11, 2001 terrorist attacks to provide a federal backstop for insurers in the event of large-scale terrorist incidents. The program has been crucial in ensuring the availability and affordability of terrorism insurance coverage for businesses across various industries.
The insurance industry has been vocal about the importance of extending TRIA beyond its current expiration date, emphasizing the need for stability and certainty in the market. Insurers argue that without the federal backstop, the private market may be unable to adequately cover the potential losses resulting from terrorist attacks, leading to disruptions in the economy.
Experts in the field have highlighted the significance of TRIA in safeguarding the economy against the financial impacts of terrorism. By providing a mechanism for insurers to manage and mitigate risks associated with terrorist events, TRIA plays a vital role in promoting economic resilience and stability.
The advancement of the TRIA Program Reauthorization Act of 2026 by the House Financial Services Committee signals progress towards ensuring the continuity of the federal terrorism backstop. The bill’s movement through the legislative process reflects bipartisan support for maintaining a critical safety net for the insurance industry and businesses nationwide.
The outcome of the legislative efforts to extend TRIA will have far-reaching implications for insurers, businesses, and the overall economy. As discussions continue and stakeholders engage in the policymaking process, the future of the federal terrorism backstop remains a focal point of interest and importance in the financial landscape.
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**References:**
– Carrier Management. (2026, January 25). House Committee Advances Bill to Extend Federal Terrorism Backstop. [https://www.carriermanagement.com/news/2026/01/25/283810.htm](https://www.carriermanagement.com/news/2026/01/25/283810.htm)
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