Response to the U.S. House reauthorization of TRIA and passage of NARAB II
We applaud the U.S. House for passing a package of legislation today that includes two NAIC priorities: TRIA and NARAB II. The Terrorism Risk Insurance Act authorizes a critical program that ensures a stable insurance marketplace for terrorism insurance. We urge the Senate to take swift action to ensure that TRIA is reauthorized before it expires at the end of the month.
The NAIC is also pleased that the package included NARAB II, which creates the National Association of Registered Agents and Brokers. We have long supported NARAB II, which would streamline non-resident market access for insurance agents and brokers while ensuring that policyholders are well protected.