After 9/11, the federal government created the Terrorism Risk Insurance Program — a backstop that pays most of the claims if a major terrorist attack damages commercial property. The program was set to expire in 2027; this bill extends it to 2034. It also raises the damage threshold that triggers federal certification of an attack from $5 million to $10 million starting in 2029, and sets a 90-day deadline for the Treasury Secretary to decide whether an event qualifies. Commercial property owners, insurers, and businesses in major cities (where terrorism insurance is often required by lenders) rely on this backstop.
Congressional Summary
TRIA Program Reauthorization Act of 2026This bill reauthorizes the Terrorism Risk Insurance Program through 2034. The program covers a portion of the losses incurred by private insurers for property and casualty insurance coverage for terrorism risk.The bill also increases the amount of property and casualty insurance losses required for certification under the program beginning in 2029 and provides statutory authority for Department of the Treasury public notification requirements regarding the determination process for whether an act qualifies as an act of terrorism under this program.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Reported to House
- Action Date
- 2026-03-19
- Date Added
- 2026-04-19