In committee
TRIA Program Reauthorization Act of 2026
This bill extends a federal safety net through 2034 that helps commercial insurance companies cover catastrophic losses after a terrorist attack, keeping terrorism insurance available and affordable for businesses. Beginning in 2029, an attack must cause at least $10 million in damages—double the current $5 million minimum—before federal financial backing can be triggered. It also sets strict public deadlines for federal officials to decide whether an attack qualifies, giving property owners and insurers faster certainty on claim payouts.
People affected—Not determinable from the text provided; the bill governs federal terrorism risk insurance mechanisms and regulatory certification procedures for insurers without specifying population counts.
Fiscal magnitude—The text sets a minimum insured damage certification threshold of $10,000,000 starting in 2029 (up from $5,000,000), but does not state a direct appropriation, authorization level, or estimated budget outlay.
Reach48provisional · pending reviewrigor: heuristic llm
What this bill touches.
Role of government+28Banking/financial rules+24Ethics & oversight+20
Who it helps · who it burdens.
Who it helps
- Commercial property and casualty insurersMaintains the federal backstop and reinsurance sharing for certified acts of terrorism for an additional seven years, through December 31, 2034 (Sec. 2).
- Commercial property and casualty policyholdersDelays by seven years the statutory collection deadlines for mandatory federal recoupment surcharges imposed following federal terrorism insurance payouts (Sec. 5(a)).
Who it burdens
- Department of the TreasuryMust publish public notices within 30 days of initiating a terrorism review, finalize certification decisions within 90 days (or up to 365 days following damage), and submit annual reports detailing and explaining all certification decisions (Sec. 3, Sec. 4).
- Commercial property and casualty insurersCannot access the federal terrorism insurance backstop for acts causing between $5 million and $10 million in aggregate insurance losses occurring in 2029 or later, as the certification threshold doubles to $10 million (Sec. 3(1)(B)).