For Immediate Release
September 29, 2025
Contact: Pat Gilbert
(732) 201-4133
NCOIL URGES SUPPORT FOR BILL REAUTHORIZING TRIA THROUGH 2035
Congressional Action Taken on Federal Backstop Program for Insurance Against Terrorism
Belmar, NJ – The House Financial Services Subcommittee on Housing and Insurance recently held a hearing on the Terrorism Risk Insurance Act (TRIA) ahead of its December 31, 2027 expiration. The hearing underscored the vital role TRIA continues to play in ensuring stability within the insurance marketplace and safeguarding the broader economy against the financial impacts of terrorism-related risks. During the hearing, a bill was referenced titled the “TRIA Program Reauthorization Act of 2025” that would implement an 8-year extension of TRIA.
Congress reauthorized and modified TRIA in 2005, 2007, 2015, and 2019 through TRIPRA. Signed by President George W. Bush in 2002, TRIA created a temporary federal program that provides for a transparent system of shared public and private compensation for certain insured losses resulting from a certified act of terrorism. Its enaction permitted private markets to stabilize, resume pricing, and build capacity after the events of September 11, 2001. The Secretary of the Treasury administers the program with the assistance of the Federal Insurance Office.
“TRIA remains vital to America’s economic resilience. Without the federal backstop, the foundation that has allowed a sustainable private terrorism insurance market to flourish would be at risk,” said Asw. Pamela Hunter (NY), NCOIL President. “By extending TRIA for the long term, Congress can ensure that our nation preserves an important safeguard for stability, recovery, and confidence in the face of potential terrorist threats.”
NCOIL is a long-time supporter of TRIA, as the United States continues to remain vigilant against threats of future terrorist attacks inside the country. Without adequate coverage, a limited availability of insurance against terrorism would have a severe adverse effect on our country’s economy. Financiers would be reluctant to lend, businesses would be reluctant to invest, and consumers would be unable to afford terrorism risk insurance.
Will Melofchik, NCOIL CEO, said “American businesses must be provided with the essential coverage to successfully operate in today’s uncertain global environment. Failure by Congress to extend TRIA would likely result in the inability of insurers to offer coverage for future catastrophes resulting from terrorism, making terrorism risk insurance unavailable and unaffordable. NCOIL applauds the Subcommittee for proactively discussing this and we hope to see a long-term reauthorization passed ahead of its expiration.”
NCOIL Resolution in Support of the Reauthorization of TRIA: Adopted Sep. 17, 2019
http://ncoil.org/wp-content/uploads/2019/10/NCOIL-TRIA-DC-Resolution.pdf
The TRIA Program Reauthorization Act of 2025 can be viewed here: https://docs.house.gov/meetings/BA/BA04/20250917/118613/BILLS-119pih-reauthorizesthecurrentTerrorismInsuranceProgramthroughtheendof2035.pdf
The full hearing can be viewed here: https://www.youtube.com/watch?v=KmAvlI4bjCw
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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act 80 years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.