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On Wednesday, Nov. 19, the Coalition to Insure Against Terrorism, or "CIAT," conducted a lobbying day on Capitol Hill, meeting with over thirty key members of Congress to urge for a long-term reauthorization of the Terrorism Risk Insurance Act of 2002, or "TRIA." TRIA is currently set to expire on December 31, 2014, unless Congress takes action to reauthorize it. A seven-year reauthorization bill passed the Senate in July (S.2244), but the House Financial Services Committee bill, which reauthorizes the program for five-years and makes several changes to the program, does not have enough support to pass the House.
NAR is a steering committee member of CIAT, and spearheaded several of the meetings on Capitol Hill, including some with members of the House Financial Services Committee and the House Intelligence Committee. Accompanying NAR Government Affairs personnel on these meetings was 2015 Commercial Legislation and Regulatory Advisory Board Chairman Dan Wagner, from Illinois, who stressed the practical impact not renewing TRIA would have on commercial real estate across the country, and the detrimental effects that in turn would have on the economy as a whole. The message sent to the Members was clear: TRIA is a program that costs taxpayers nothing and keeps terrorism risk insurance affordable and available, while providing a framework for economic recovery in the aftermath of a catastrophic terrorist attack. Reauthorizing it for only a short-term will cause disruptions in the market and could lead to coverage becoming more expensive and less available, resulting in problems for commercial financing, so a long-term reauthorization is the best option for the country.
NAR continues to work with CIAT to advocate for a long-term TRIA reauthorization, passed as soon as possible.