Cardin Lauds Senate Passage of Terrorism Risk Insurance Program

WASHINGTON – U.S. Senator Ben Cardin (D-MD), a member of the Senate Finance Committee, released the following statement after Senate passage of The Terrorism Risk Insurance Program Reauthorization Act of 2014 (TRIA).

“Predictability and stability are important ingredients for investment and growth. The availability of public-private terrorism risk insurance is crucial to companies across the country, including in Maryland. While terrorism underwriting abilities have increased since TRIA was first passed in 2002, a government role in this market is still clearly needed to protect these businesses from unpredictable premium increases and to enable them to finance new projects and continue to grow. I am proud to be a cosponsor of the current TRIA reauthorization and am pleased that the Senate has acted promptly to pass this important legislation, which comes at no net cost to taxpayers.”