House Passes $1.4 Trillion Spending Package: TRIA and NFIP Extensions, Gun Violence Research, and More

TRIA and NFIP Extensions

On December 17, the House approved a package of bills that includes a seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA) and funding for the National Flood Insurance Program until September 30, 2020. The TRIA has been instrumental in providing terrorism insurance through the private market. Since its enactment, the percentage of companies purchasing terrorism insurance has risen to 80 percent, and the price of coverage has fallen more than 80 percent.

Gun Violence Research and Obamacare Taxes Repeal

The $1.4 trillion spending package also includes federal funding ($25 million) for gun violence research for the first time in 20 years. Additionally, it repeals Obamacare taxes, including a 2.3 percent excise tax on medical devices, a health insurance industry fee that would have taken effect in 2020, and the 40 percent “Cadillac” excise tax on the most expensive health-insurance plans.

SECURE Act of 2019

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is also part of the package. It features provisions that make it easier for smaller employers to join open multiple-employer plans, ease non-discrimination rules for frozen defined benefit plans, and add a safe harbor for selecting lifetime income providers in defined contribution plans.

The bill is expected to pass the Senate and be signed by President Trump before government funding expires on December 20.

For readers, it's important to stay informed about these legislative changes as they can significantly impact insurance costs and availability, as well as retirement planning options.