Magazine article Journal of Property Management

Terrorism Risk Insurance Iprogram Reauthorized for Six Years

Magazine article Journal of Property Management

Terrorism Risk Insurance Iprogram Reauthorized for Six Years

Article excerpt

The 114th Congress started the year off with a bang. The U.S. House and Senate came together and quickly worked to get H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, approved. The House took up the issue as their first order of business in 2015 and passed the language by a vote of 416-5 on January 7, 2015. The Senate voted on January 8, 2015 to approve the bill with a vote of 93-4.

The bill includes a six-year reauthorization, which will expire on December 31, 2020. The bill contains no change to the insurer deductible. The program will "kick in" and reimburse businesses when catastrophic losses exceed $200 million; the law previously had a $100-million trigger. This increase occurs over the next six years, with the first trigger increase to $120 million in 2016. The language also contains a provision that will increase the mandatory recoupment amount by $2 billion each year through 2016. In 2020, the amount will be $37.5 billion, up from $27. …

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