On Monday, November 18, 2019, the House of Representatives passed, by a widely bipartisan vote of 385–22, H.R. 4634, also known as the “Terrorism Risk Insurance Program Reauthorization Act of 2019.” If enacted, this will reauthorize the Terrorism Risk Insurance Act for seven years after its current scheduled expiration date in December 2020.
Senators Thom Tillis (R-NC) and Tina Smith (D-MN) have introduced similar bipartisan legislation in the Senate, which would also extend the Terrorism Risk Insurance Act for the same time period. The Senate Banking Committee is expected to consider this legislation soon. Sixteen senators have co-sponsored the bill, including Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH).
Morrison & Foerster’s Real Estate Group will continue to monitor the situation. If you have any questions, please do not hesitate to reach out to any member of our team.