The House of Representatives voted 373–15 to keep the federal Terrorism Risk Insurance Program in place through 2034, a rare show of agreement on a post-9/11 market backstop that has never paid a claim.
H.R. 7128, the TRIA Program Reauthorization Act of 2026, passed on June 29 under suspension of the rules. Rep. Mike Flood, R-Neb., chair of the House Financial Services Subcommittee on Housing and Insurance, sponsored the bill. It was received in the Senate on July 13 and referred to Banking, Housing, and Urban Affairs. A companion measure has been introduced there. The current program expires Dec. 31, 2027.
Congress created TRIA in 2002 after insurers pulled back from covering terrorism following the Sept. 11 attacks. Private carriers must still offer terrorism coverage on property and casualty policies. The Treasury Department shares losses only after a certified act of terrorism and after industry retentions and deductibles are met. No event has been certified. No federal payout has been made. Supporters treat that record as proof the program’s value is market stability, not a regular check.
House Financial Services Chairman French Hill, R-Ark., put the original statute on the floor. “The law states that TRIA is designed to provide for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism in order to protect consumers,” he said. The aim, he added, is to give policyholders “the financial protection they need and the confidence they need to build skyscrapers, sports venues, and malls, and employ workers that drive our economy.”
Flood argued that if the public backstop continues, the charter should tighten. “We are so fortunate that we have never seen a TRIA claim in the program’s entire history, and I hope that we never, ever see one,” he said. “However, if this program is going to continue to exist with a public backstop, we should ensure we update its charter to protect taxpayers in the event of future claims, and we should work to ensure the certification process is transparent.”
The bill does two main things besides the seven-year extension. Beginning in 2029, an event must cause at least $10 million in insured losses to be certified, up from $5 million. It also gives Treasury explicit authority — and deadlines — to notify the public when a certification review is underway, including a Federal Register notice within 30 days of starting that process. Those changes raise the bar for federal involvement and make the clock more visible to insurers and markets.
Industry groups, including the U.S. Chamber of Commerce, the American Bankers Association, mortgage bankers and property-casualty trade associations, backed the vote. They say predictable terrorism coverage underpins lending for commercial real estate, construction and large venues. Without a reauthorization well before 2027, they warn, some carriers could narrow or price up coverage in dense cities and high-profile sites.
TRIA is not a first-dollar federal insurance policy. Insurers take the first losses. The government steps in only on very large certified events. That design, plus the higher 2029 threshold, is what supporters call a taxpayer safeguard. The House has done its part early. The Senate still has to decide whether the same seven-year clock, and the same higher bar, become law.
