NAIC Statement on TRIA Reauthorization
7/17/14 Statement from NAIC President and North Dakota Insurance Commissioner Adam Hamm

"We commend the U.S. Senate’s action today to approve legislation to reauthorize the terrorism risk insurance program for seven years. With TRIA’s expiration looming at the end of this year, it remains a critical priority that Congress move promptly to ensure a sustained and stable marketplace for terrorism insurance. We are also pleased to see the inclusion of the National Association of Registered Agents and Brokers Reform Act (NARAB II) as an amendment to the TRIA bill. While we have long supported the NARAB legislation, we do however have concerns with the inclusion of a sunset provision that could have adverse effects on insurance markets if NARAB were to come into existence and then ultimately be terminated. We will continue to work with the bill sponsors to address this issue as this legislation moves forward.”