WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC) voted for the reauthorization of the Terrorism Risk Insurance Act (TRIA), which passed the Senate and now heads to the President’s desk.
“The heinous act of terror in Paris yesterday serves as a tragic reminder that our enemies continue to pose a significant threat to America and its allies, and our nation must be prepared,” said Senator Tillis. “The Senate overwhelmingly voted to reauthorize TRIA to safeguard our economy in the event of a terrorist attack and provide American taxpayers and businesses with long-term certainty. I thank my colleagues from both parties for coming together to pass this critical legislation.”
TRIA was created by Congress and signed into law by President George W. Bush in 2002 following the September 11, 2001 terrorist attacks. The law helps cover damages caused by acts of terror against our nation and its citizens.
The TRIA Reauthorization Act of 2015 extends the law through December 31, 2020. Reforms in the legislation allow the law to naturally adapt to market-based competition, increasing protection of taxpayers and private insurers from large economic losses that are the direct result of terrorist attacks.