After the September 11th attacks, Congress created a federal backstop that helps insurance companies cover catastrophic losses from certified acts of terrorism, so businesses can still buy terrorism insurance at reasonable rates. This bill would extend that program, the Terrorism Risk Insurance Program, for another seven years, through 2034 instead of letting it expire in 2027. It raises the dollar threshold the Treasury Secretary uses to decide which attacks qualify for federal backup coverage, from $5 million to $10 million for incidents occurring in 2029 or later. The bill also sets firm deadlines for the Treasury Department to decide within 90 days, extendable to 365, whether an attack counts as terrorism for insurance purposes, and requires an annual public report listing every incident reviewed and the outcome. The program mainly affects commercial property owners and businesses that carry terrorism insurance, as well as the insurers who sell those policies.
Corporate Benefits
- TRIA certification loss threshold — Raised from $5 million to $10 million for acts occurring in 2029 or later
Transparency & Accountability
- TRIA certification review deadline — Treasury must decide within 90 days, extendable to 365
- Annual TRIA reporting — Treasury must list every act reviewed and its certification outcome
Congressional Summary
This 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
- Placed on the Union Calendar, Calendar No. 482.
- Action Date
- 2026-03-19
- Date Added
- 2026-04-19
- Source
- Congress.gov →
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