WASHINGTON, Sept. 17 -- Sen. Tina Smith issued the following press release:
U.S. Senator Tina Smith's bipartisan legislation to safeguard the availability of terrorism risk insurance coverage passed the Senate Banking Committee by a unanimous vote. Roughly 60 percent of American businesses have terrorism risk insurance, which could become unavailable without action by Congress. Sen. Smith (D-MN) leads the Terrorism Risk Insurance Program Reauthorization Act of 2026 alongside Senators Dave McCormick (R-PA), Ruben Gallego (D-AZ), and Thom Tillis (R-NC).
Following the attacks on September 11, 2001, many insurance companies began excluding terrorism risks from commercial insurance policies, leaving businesses and industries without access to ...