Senate Passes TRIA Extension – President Expected to Sign

//Senate Passes TRIA Extension – President Expected to Sign

Senate Passes TRIA Extension – President Expected to Sign

By a vote of 93-4 with 3 not voting the Senate this afternoon passed HR 26, the Terrorism Risk Insurance Program Authorization Act of 2015.

The bill received expedited consideration in the House and in the Senate and is expected to be signed by the President. The most recent version of the text available on line can be found at http://www.gpo.gov/fdsys/pkg/BILLS-114hr26ih/pdf/BILLS-114hr26ih.pdf

A summary provided by the Congressional Research Service is below:

Terrorism Risk Insurance Program Reauthorization Act of 2015

Amends the Terrorism Risk Insurance Act of 2002 to extend the Terrorism Insurance Program through December 31, 2020, and to revise Program requirements.

Decreases the federal share of the compensation for the insured losses of an insurer during each Program year by 1% until it equals 80% of the portion of the amount exceeding the annual insurer deductible.

Increases the insurance marketplace aggregate retention amount under the Program (currently $27.5 billion) by $2 billion per calendar year until such amount equals $37.5 billion.

Directs the Secretary to study biennially the small insurers participating in the Program, identifying competitive challenges they face in the terrorism risk insurance marketplace.

National Association of Registered Agents and Brokers Reform Act of 2015

Amends the Gramm-Leach-Bliley Act to establish the National Association of Registered Agents and Brokers as an independent nonprofit corporation, without contingent conditions, to prescribe licensing and insurance producer qualification requirements and conditions on a multi-state basis.

Business Risk Mitigation and Price Stabilization Act of 2015

Amends the Commodity Exchange Act and the Securities Exchange Act of 1934 to exempt specified swaps from prudential rules governing margin requirements for swaps not cleared by a registered derivatives clearing organization.

By | 2015-01-16T18:59:26+00:00 January 8th, 2015|Categories: Uncategorized|Tags: |Comments Off on Senate Passes TRIA Extension – President Expected to Sign

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