Statement Of Mayor Bill de Blasio On The United States Senate Passage Of The Terrorism Risk Insurance Program Reauthorization Act

July 17, 2014

“I thank Senator Schumer for his leadership and commend the U.S. Senate for passing S. 2244, the Senate’s Terrorism Risk Insurance Program Reauthorization Act of 2014 (TRIA) today. This bill sustains an essential program that has helped revitalize and rebuild lower Manhattan in the aftermath of the 9/11 attacks. This is not just a New York City issue, this is a national issue. TRIA has been successful in helping ensure that our nation’s companies, buildings and consumers have access to insurance against events which remain an unfortunate reality today.

“The program strikes the proper balance between public and private liability; to our great fortune, this program has not cost taxpayers any money to date. This legislation, in its current form, is the best response to what is a complex issue, by providing a sufficiently long time frame for coverage that ensures market stability. The level of predictability that the legislation affords allows market-movers to plan for random, unnerving events, and the bill’s government coverage trigger points are at levels that can accommodate the diversity of insurer sizes in the marketplace, allowing additional entities to participate in the industry.

“The Senate’s Terrorism Risk Insurance Program Reauthorization Act is a needed response to ongoing physical and economic threats plaguing the U.S. today, and I urge the House to pass this critical piece of legislation.”