Posted June 2, 2014
On June 2, 2014, NACHA Government Relations attended the Center for Strategic and International Studies (CSIS) and the Treasury Department discussion on "TFI@10: The Evolution of Treasury's National Security Role," marking the 10-year anniversary of the Treasury Department's Office of Terrorism and Financial Intelligence. Tomorrow, the Senate Banking Committee plans to markup the Terrorism Risk Insurance Act, S. 2244, which would extend for seven years the government's financial backstop of terrorism insurance. The bipartisan bill would raise commercial insurers' co-payment to 20 percent from 15 percent, said a statement from House Democrat-sponsor Charles Schumer and Senate Republican co-sponsors, Mark Kirk, Mike Johanns, Dean Heller, and Senate Democrats Jack Reed and Chris Murphy. Current law, which guarantees government reimbursement to insurers after a terrorist attack once the industry's aggregate losses exceed $100 million, is to expire at the end of 2014.