Happy New Year, captive community! Here’s hoping 2015 will be a great year for captive insurance. We are already off to a good start with the House passing a TRIA reauthorization bill as one of their first acts. The bill is the same language as the compromise bill that was worked out with Senate and House leaders last year but was held up due to one lone Senator, who has since retired.
The measure that passed Wednesday — H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015 — calls for extending the program for six years, gradually increasing the trigger for activating the backstop to $200 million from the current $100 million and gradually increasing the industrywide retention to $37.5 billion. The bill also would establish a new National Association of Registered Agents and Brokers (NARAB) that would streamline interstate agent licensing. The prevailing wisdom is that the bill should pass without too much difficulty in the Senate, but nobody is really sure of the timing. My hope, is with both Congressional bodies under the same party leadership a lot of the partisanship that stopped any movement on legislation will dissipate somewhat.
And speaking of examples of strong bipartisan support, I hope all of you who can will join us next week, on Thursday, January 15, in Montpelier for VCIA’s annual Legislative Day. This is our best opportunity to meet with state officials and legislators to thank them for all their support over the years as well as engage them on the issues that face our industry today. If you are able to join us for the day (or part of the day) it sends a terrific message to Vermont’s leaders. And please encourage your colleagues to register as well – I can’t emphasize enough how important it is to have our members mobilize for this day!
Thank you all very much, and I look forward to hearing from you soon!