**House Committee Advances TRIA Reauthorization Through 2034**
The U.S. House Financial Services Committee has voted to advance H.R. 7128, a bill to reauthorize the Terrorism Risk Insurance Act (TRIA) through 2034. The measure was approved in a strong bipartisan vote of 51-2, with Representatives Ralph Norman (R-SC) and John Rose (R-TN) casting the only dissenting votes.
According to the CRE Finance Council (CREFC), the legislation includes two notable changes from a standard reauthorization. First, the bill raises the certification threshold for losses from $5 million to $10 million by 2029, adjusting for inflation. Second, it imposes a time limit for the U.S. Treasury to certify a terrorist attack.
“Without action, TRIA is set to expire at the end of 2027,” CREFC stated. “Since its original enactment in 2002, the program has functioned as a federal backstop to the terrorism risk insurance market through a private/public risk-sharing program.”
The bill must now pass both the full House and the Senate before it can be sent to the President for final approval.
