We learned last night that the US Senate adjourned without passing TRIA or terrorism insurance, a property policy sponsored by the Government that would protect all businesses from losses as the result of terrorist acts. What this means is that if your property is damaged due to a terrorist act then you will have no coverage under your insurance policy. The only policy agents across the country could have offered was a TRIA policy. Now that option is gone. If you want to review your policy with our staff, please give us a call. We are working with the new US Senate leadership to move this very important legislation to a vote as quickly as possible in the new year. We will keep you posted.
Margarita Tapia L-26-14
Terrorism Insurance Bill & NARAB II Die in the Senate
Legislation would have extended TRIA program for six years and included agent licensing reform.
WASHINGTON, D.C., Dec. 17, 2014 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today released the following statement by Robert Rusbuldt, Big “I” president & CEO, regarding the U.S. Senate’s failure to pass S. 2244, the “Terrorism Risk Insurance Program Reauthorization Act of 2014” and the National Association of Registered Agents and Brokers (NARAB II) legislation.
“With more than a week before Christmas, we are profoundly disappointed in the Senate’s premature decision to leave town late last night without extending the Terrorism Risk Insurance Act which provides vital protection for the U.S. economy. The TRIA legislation had overwhelming bipartisan support in both chambers of Congress along with strong support from the White House. This inaction is particularly galling in light of the 417–7 vote in the House last week on this exact same legislation. As if this weren’t bad enough, thousands of small business owners and their customers are waking up this morning with coal in their stockings after somehow NARAB II, agent licensing reform that has already passed both chambers in different bills, was also left on the cutting room floor. We urge Congress to pass both common-sense, bipartisan pieces of legislation as soon as they convene for the 114th Congress early next year.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.