TRIA Program Reauthorization Act of 2026
Summary
The TRIA Program Reauthorization Act of 2026 extends the Terrorism Risk Insurance Program (TRIP) to 2034. It also modifies the certification process for acts of terrorism, increasing the threshold for triggering the program and setting deadlines for certification decisions. Additionally, it includes technical amendments to update references and terminology within the original Terrorism Risk Insurance Act of 2002.
Expected Effects
The reauthorization ensures continued availability of terrorism risk insurance, providing stability to the insurance market and protecting businesses from potential losses due to terrorist attacks. The changes to the certification process aim to improve transparency and efficiency. The technical amendments clarify the program's language and update timelines.
Potential Benefits
- Continued stability in the insurance market for terrorism risk.
- Protection for businesses against financial losses from terrorist attacks.
- Increased transparency in the certification process for acts of terrorism.
- Updated and clarified language in the original act.
- Provides long-term certainty for insurers and businesses.
Potential Disadvantages
- Increased threshold for triggering the program may leave some smaller businesses vulnerable.
- Potential for delays in certification if the Secretary does not meet the 90-day deadline.
- The act does not address all potential gaps in terrorism risk coverage.
- Possible increased costs for insurance due to the extended program.
- May not fully address evolving terrorism threats.
Constitutional Alignment
The TRIA Program Reauthorization Act appears to align with the Constitution, particularly the Commerce Clause (Article I, Section 8), which grants Congress the power to regulate interstate commerce. By ensuring the availability of terrorism risk insurance, the Act supports economic stability and protects businesses engaged in interstate commerce. The Act also aligns with the general welfare clause of the preamble.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).