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H.R. 4871, TRIA Reform Act of 2014 1 (July 15, 2014)

handle is hein.congrec/cbo1831 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE July 15, 2014 H.R. 4871 TRIA Reform Act of 2014 As reported by the House Committee on Financial Services on June 20, 2014 SUMMARY H.R. 4871 would extend the Terrorism Risk Insurance Act (TRIA) for five years-through calendar year 2019-and, in certain instances, increase the share of insured losses paid by private insurers under the program. The bill also would establish the National Association of Registered Agents and Brokers (NARAB) and authorize it to license producers of insurance (mostly agents and brokers) to operate in multiple states. Finally, the bill would require several new studies of various aspects of the terrorism insurance program. Considering both the direct spending and revenue effects of the bill, CBO estimates that enacting H.R. 4871 would increase budget deficits by about $500 million over the 2015-2024 period. Changes in federal revenues and spending, however, would continue beyond 2024; CBO estimates that after taking into account all revenues and direct spending, enacting H.R. 4871 would lead to a small reduction in deficits over time. Title I would reauthorize the TRIA program, which requires insurance firms that sell commercial property and casualty insurance to offer clients insurance coverage for damages caused by terrorist attacks by foreign or domestic interests. Under TRIA, the federal government would help insurers cover losses in the event of a terrorist attack under certain conditions, and would impose assessments on the insurance industry to recover all or a portion of any federal payments. The program is currently set to expire at the end of calendar year 2014; no federal payments have been made under the program since its inception in 2002. 1. The Terrorism Risk Insurance Act, Public Law 107-297, was enacted on November 2, 2002. It was extended on December 22, 2005, upon enactment of the Terrorism Risk Insurance Extension Act of 2005 (P.L. 109-144). On December 26, 2007, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (P.L. 110-160) extended the program again. In this estimate, CBO refers to the original Act as subsequently amended, as TRIA.

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