Legislative Update: Vital Changes in U.S. Insurance for Terrorism Risks
Legislative Update: Impact on the U.S. Insurance Landscape
The U.S. House of Representatives has recently advanced a pivotal bill aimed at renewing the Terrorism Risk Insurance Act (TRIA). This move is significant for manufacturers and a wide array of businesses that seek insurance coverage to protect against terrorism-related risks. Such legislative actions are crucial in addressing regulatory compliance requirements for providers within the insurance industry.
TRIA's Background and Importance
TRIA was initially established in late 2002 as a response to the insurance industry's challenges in underwriting terrorism risks following 9/11. The Act offers a federal backstop, empowering carriers to provide effective coverage and ensuring businesses can manage these specialized claims. This federal involvement highlights the significance of risk management strategies in the insurance landscape.
NAM's Advocacy Efforts
The National Association of Manufacturers (NAM), an influential voice within the Coalition to Insure Against Terrorism, strongly supports TRIA's extension. This coalition, representing substantial commercial insurance consumers, emphasizes the necessity of such legislative measures for seamless regulatory compliance. Following the House committee's approval of the bill, NAM has acknowledged the progression of H.R. 7128, which is championed by Rep. Mike Flood, underlining its importance in maintaining terrorism insurance availability for businesses.
Additional Legislative Movements
In tandem with the TRIA advancement, the Financial Services Committee is moving forward with legislation to repeal the SEC's conflict minerals rule, aligning with NAM's broader policy objectives. These efforts reflect the dynamic interactions among regulatory developments and industry stakeholders.
About NAM
The National Association of Manufacturers represents over 14,000 companies across myriad U.S. industrial sectors. As a leading advocate, NAM plays a crucial role in shaping policy and regulatory frameworks that affect both payers and providers in the insurance field.
Contact Information
National Association of Manufacturers
733 10th Street NW, Suite 700
Washington, DC 20001
Toll-Free: (800) 814-8468
Phone: (202) 637-3000
Email: [email protected]
For detailed industry insights and updates, subscribe to our communications.
© 2026 National Association of Manufacturers