A picture of Representative David Scott
David S.
Democrat GA 13

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  • Terrorism Risk Insurance Program Reauthorization Act of 2015

    by Representative David Scott

    Posted on 2015-01-07

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    Read More about Terrorism Risk Insurance Program Reauthorization Act of 2015

    SCOTT of Georgia. Mr. Speaker, I certainly want to recognize and appreciate the gentlewoman from Manhattan for the excellent leadership job that she is doing on this.

    Mr. Speaker, this bill, TRIA, is so important. It is very important to note that it hasn't cost the taxpayers anything, and it has been very successful where needed; but, Mr. Speaker, this bill contains another very important piece: we affectionately call it NARAB, which is the National Association of Registered Agents and Brokers--just think if TRIA and the NARAB portion of this bill had been in place in 1999, before we had the terrorism risk, before we had the terrorist strikes of 9/11, and other terrorist attacks.

    But in the middle of all of that, even with the downturn of the economic calamity, standing in the middle of this storm were our insurance agents, the lifeline of the American people. What NARAB is doing here is making sure that we streamline the process and make sure that our insurance agents are able to operate across State lines.

    Mr. Speaker, we all realize that insurance is a State-licensed, State-authorized operation. NARAB does not interfere with that. As a matter of fact, all 50 of the insurance agents of our States have all agreed with NARAB.

    This is an important bill because our insurance agents, our small businesses, are the lifeline in tragedy and distress. We live in a highly mobile society now. It is very important for our agents to be able to go across State lines with one licensing procedure that is held to the highest standard while at the same time being licensed in their own State.

    We have had great cooperation from all of our insurance agents, including the insurance agents' association. Our financial advisers and our brokers all agree.

    The other thing, Mr. Speaker, is that many of us on the Financial Services Committee have been working on this measure for 10 years. For 10 years, we have been toiling in the vineyards on this and so have others in the Senate.

    Now is the time to give our insurance agents the respect and the nobility of purpose of their very fine profession and at the same time reach our primary goal, which is to give the American insurance consumers the choice, the competition, and the benefits that they need.

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