Senators Introduce TRIA Legislation
May 5, 2026
A bipartisan group of senators introduced a clean, seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA), a program that provides a federal backstop to losses from certain terrorist attacks.
- Senator Dave McCormick (R-PA) and Sen. Tina Smith (D-MN) led a bipartisan group of 24 senators on the bill.
Why it matters: After the 9-11 attacks, the TRIA backstop has been essential in providing affordable terrorism risk insurance to commercial real estate owners/borrowers and other policyholders. Without action, the program will expire after December 31, 2027.
- CREFC and the Coalition to Insure Against Terrorism (CIAT) have been meeting with lawmakers and urging them to reauthorize TRIA in 2026.
- The original senate co-sponsors include nearly all of the Senate Banking Committee and Senate Minority Leader Chuck Schumer.
Go deeper: The House began its push for reauthorization with a January markup of the TRIA Program Reauthorization Act of 2026 (H.R. 7128), which advanced out of committee 51-2. The House bill was largely a clean reauthorization for seven-years with two tweaks:
- The bill raises the program trigger threshold from $5 million in losses to $10 million by 2029, which tracks with an inflation adjustment from the original 2002 law.
- Treasury would have a 90-day window in which to certify a terrorist attack. Certification is necessary to trigger the backstop payments to insurers under the program.
What’s next: The Senate will likely attach any TRIA reauthorization bill to a larger ‘must-pass’ package to advance it. The House may consider its own bill through an expedited process requiring a two-thirds majority vote, but leadership has not indicated a firm timeline.
The bottom line: The strong, bipartisan support in both chambers makes TRIA reauthorization a strong possibility, but lawmakers must navigate the procedural hurdles to get a bill to the President’s desk.
Contact David McCarthy (dmccarthy@crefc.org) with questions.