TRIA Program Reauthorization Act of 2026
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The bill would extend the federal Terrorism Risk Insurance Program, which backstops insurers' losses from certified terrorist attacks, from its current 2027 expiration through 2034.
It would also raise the loss threshold required to certify an act as terrorism starting in 2029 and write into law new deadlines and public notice requirements for how the Treasury Department decides whether an attack qualifies for the program.
What this bill would do
What it would do
The bill would extend the Terrorism Risk Insurance Program, which shares the cost of insured losses from certified acts of terrorism between the federal government and private insurers, from its scheduled 2027 expiration to 2034. It would raise the minimum insured-loss threshold needed for the Treasury Secretary to certify an event as an act of terrorism from $5 million to $10 million for acts occurring in 2029 or later.
The bill would also set formal deadlines and notice requirements for the Treasury Secretary's certification process: a public Federal Register notice within 30 days of beginning a review, a 90-day (extendable to 365-day) window to decide, and a requirement to publicly report each year on acts reviewed and their outcomes. It makes several technical and conforming corrections to statutory dates and terminology but does not otherwise change how the program's federal cost-share operates.
Key provisions
- 1Would extend the Terrorism Risk Insurance Program's authorization from 2027 to 2034
- 2Would raise the insured-loss threshold for certifying an act as terrorism from $5 million to $10 million for acts in 2029 or later
- 3Would require Treasury to publish a Federal Register notice within 30 days of beginning a certification review
- 4Would set a 90-day review period (extendable to 365 days) for Treasury to decide whether to certify an act as terrorism
- 5Would require Treasury's annual report to list every act reviewed for certification and the outcome or reason for non-certification
- 6Would make technical date and terminology corrections throughout the Terrorism Risk Insurance Act
Who would be affected
Property and casualty insurers that offer terrorism coverage, their commercial policyholders, the Department of the Treasury, which administers the certification process, and ultimately businesses and property owners who rely on terrorism insurance backed by the federal program.
Why it matters
Without reauthorization, the program's federal backstop would lapse in 2027, potentially disrupting availability and pricing of terrorism insurance for commercial property. The new deadlines and higher certification threshold would change how quickly and under what conditions insurers can expect federal loss-sharing to kick in after an attack.
What would change
Changes to existing law
Reauthorizes Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), Sec. 108(a) (Sec. 2)
Extends the program's authorization from 2027 to 2034
Amends Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), Sec. 102(1) (Sec. 3)
Raises the certification loss threshold to $10 million for 2029 and later, and sets new notice/deadline rules for certification review
Amends Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), Sec. 104(h)(2) (Sec. 4)
Adds a requirement that Treasury's annual report list each act reviewed for certification and its outcome
Amends Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), Sec. 103(e)(7)(E)(i) (Sec. 5)
Updates referenced years (e.g., 2022, 2023, 2024) forward to 2029-2036 to match the extended program timeline
Agencies directed to act
Effective dates
- Higher $10 million certification threshold applies to acts occurring in this year or later
How implementation would work
The Treasury Department would administer the revised certification process: publishing a Federal Register notice within 30 days of starting a review, concluding review within 90 days (extendable up to 365 days if information is insufficient), and issuing an irrevocable final determination if it certifies an act as terrorism. Treasury would also have to include, in its existing annual report, a list of every act reviewed that year along with outcomes or explanations for non-certification, giving Congress and the public an ongoing record of certification decisions.
Legislative status & sources
Latest action
Motion to reconsider laid on the table Agreed to without objection.
Official CRS summary
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This bill reauthorizes the Terrorism Risk Insurance Program through 2034. The program covers a portion of the losses incurred by private insurers for property and casualty insurance coverage for terrorism risk.
The bill also increases the amount of property and casualty insurance losses required for certification under the program beginning in 2029 and provides statutory authority for Department of the Treasury public notification requirements regarding the determination process for whether an act qualifies as an act of terrorism under this program.
Legislative subjects
Disaster relief and insurance; Finance and Financial Sector; Insurance industry and regulation; Life, casualty, property insurance; State and local government operations; Terrorism
Committee report
H. Rept. 119-561