H.R. 7128 — TRIA Program Reauthorization Act of 2026, as amended
Executive Summary
H.R. 7128, the 'TRIA Program Reauthorization Act of 2026', extends the Terrorism Risk Insurance Act (TRIA) through 2034, preserving a critical federal backstop for commercial property and casualty insurance markets in the event of a catastrophic terrorist attack. The bill modernizes the program by raising the damage threshold for certifying an act of terrorism from $5 million to $10 million starting in 2029. Crucially, it addresses industry complaints about bureaucratic delays by imposing strict statutory timelines on the Treasury Secretary, requiring a public notice within 30 days of starting a review and a final determination within 90 days.
Arguments For
- Market Certainty: Reauthorizing TRIA well ahead of its 2027 expiration prevents panic in the commercial real estate and insurance markets, ensuring continuous coverage for high-risk properties and major construction projects.
- Process Transparency: Establishing strict timelines (30-day notice, 90-day decision) forces the Treasury Department to act decisively, giving insurers and policyholders faster clarity on whether the federal backstop will trigger.
Likely Supporters
Arguments Against
- Taxpayer Exposure: Extending the federal backstop through 2034 maintains significant contingent taxpayer liability for massive terrorist events, which fiscal conservatives argue should be fully absorbed by the private market.
- Threshold Increase Impact: Raising the certification threshold to $10 million in 2029 shifts more initial risk to smaller insurers, potentially straining regional carriers in the event of a localized attack.
Likely Opponents
📋 Key Provisions
- Extends the expiration date of the Terrorism Risk Insurance Program from 2027 to 2034.
- Increases the property and casualty damage threshold required to certify an act of terrorism from $5,000,000 to $10,000,000 for acts occurring in 2029 or later.
- Requires the Treasury Secretary to publish a notice in the Federal Register within 30 days of beginning the process of determining whether to certify an act of terrorism.
- Mandates that the Secretary conclude the certification process within 90 days of publishing the notice, with an allowable extension of up to 365 days if there is insufficient information.
- Requires annual reporting to Congress on acts evaluated for certification, including explanations for why a final determination was not issued if applicable.
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Verification Guide
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Extends the Terrorism Risk Insurance Act to 2034.
"‘‘2027’’ and inserting ‘‘2034’’."
Raises the certification threshold to $10,000,000 for acts occurring in 2029 or later.
"after, $10,000,000; or’’; and"
Requires the Secretary to publish a notice in the Federal Register within 30 days of beginning the certification process.
"retary shall, not later than 30 days"
Mandates the Secretary to conclude the certification process within 90 days of publishing the notice.
"90 days after publishing a notice in"