WASHINGTON, DC—As we reported earlier this week, the renewal of theTerrorism Risk Insurance Act is headed to theSenate floor on Thursday for a full vote following last week'sunanimous consent agreement.
The Senate Banking Committee approved an amended version of the Terrorism RiskInsurance Program Reauthorization Act of 2014 on June 3. Themeasure would increase an insurers' co-pay from 15% to 20%, withthe government still covering 80% of each company's additionallosses. This increase would be phased in incrementally over fiveyears. The proposed legislation would also raise the mandatoryrecoupment threshold to $37.5 billion, so that when the insuranceindustry's aggregate uncompensated losses are below $37.5 billionthe government will be required to recoup its TRIA payments outlaidto insurers.
Real Estate Roundtable CEO Jeff DeBoer, astrong advocate of the measure, sent out a note Thursday morning toSenators strongly urging them to vote for the measure.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
