The National Association of Insurance Commissioners (NAIC) provided testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance as lawmakers discuss reauthorizing the Terrorism Risk Insurance Act (TRIA), calling for a long-term reauthorization of 7–10 years to maintain the federal backstop underpinning commercial terrorism insurance. Connecticut Insurance Commissioner and NAIC Past President Andrew N. Mais argued that addressing reauthorization more than two years ahead of TRIA’s end-2027 expiry supports insurer, reinsurer and business planning because contracts and capital decisions are made months or years in advance. He described TRIA as a public–private partnership that enables a private market for terrorism coverage and said the NAIC does not believe private insurers would provide meaningful capacity for affordable commercial terrorism insurance without TRIA or a similar solution.
National Association Of Insurance Commissioners 2025-09-17
National Association of Insurance Commissioners urges 7–10 year Terrorism Risk Insurance Act reauthorization in US House hearing
The National Association of Insurance Commissioners (NAIC) testified before the U.S. House Financial Services Subcommittee on Housing and Insurance, advocating for a 7–10 year reauthorization of the Terrorism Risk Insurance Act (TRIA) to sustain the federal backstop for commercial terrorism insurance. Connecticut Insurance Commissioner Andrew N. Mais emphasized that early reauthorization aids planning for insurers, reinsurers, and businesses, as TRIA facilitates a private market for terrorism coverage. Without TRIA, private insurers would not offer significant capacity for affordable terrorism insurance.