Terrorism Risk Insurance Act Policy Workshop
NAIC Official Perspective
- State insurance regulators have supported the Terrorism Risk Insurance Act (TRIA) since its inception and its subsequent reauthorizations.
- The NAIC recommends prompt Congressional action on a long-term TRIA reauthorization of 7-10 years to help ensure economic stability through the availability of terrorism coverage for commercial policyholders, lenders, builders, and the businesses that operate in urban centers and other areas prone to a terrorist attack.
- A federal partnership with private insurers has provided a measure of security and certainty to the broader economy and ensured the widespread availability of property and casualty insurance for terrorism risks. It does so with minimal financial risk to the U.S. government as the program provides a mechanism to reimburse the federal government for its expenditures.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.