Senator Banks Supports TRIA Reauthorization Following Industry Advocacy

Senator Banks Supports TRIA Reauthorization Following Industry Advocacy

Strong advocacy from the commercial real estate industry continues to make an impact.

Following outreach from BOMA Indiana, Senator Jim Banks has officially signed on as an original co-sponsor of the Terrorism Risk Insurance Act (TRIA) reauthorization bill. In addition, his office has indicated support for swift consideration and passage of the legislation in the Senate.

This response underscores the importance of direct constituent engagement and highlights the effectiveness of industry voices in shaping federal policy.

Why TRIA Matters

The Terrorism Risk Insurance Act plays a vital role in maintaining stability across the commercial real estate sector. As a federal backstop, TRIA ensures that terrorism insurance remains available and affordable—something that is often required for financing, development, and large-scale property transactions.

Without TRIA:

• Lenders may be unwilling to finance projects without terrorism coverage
• Development and construction pipelines could face delays or cancellations
• Market uncertainty could increase across the commercial real estate sector

TRIA’s public-private partnership model allows insurers to offer coverage while limiting taxpayer exposure, activating federal support only after significant loss thresholds are met.

BOMA Indiana’s Advocacy Effort

In a letter to Senator Banks, BOMA Indiana urged not only support for the legislation but also early leadership through original co-sponsorship. The request aligned with a broader bipartisan effort led by Senator Dave McCormick, with additional support from Senators Tim Scott, Tina Smith, Tom Tillis, and Ruben Gallego.

The Senate bill proposes a clean seven-year reauthorization of TRIA—providing long-term certainty to the insurance and real estate markets.

BOMA emphasized that reauthorization is critical to avoiding disruption across the industry and ensuring continued economic stability for property owners, managers, and the thousands of Hoosiers whose jobs are supported by commercial real estate.

Looking Ahead

With growing bipartisan support and key lawmakers stepping forward early, momentum is building for TRIA reauthorization in 2026. BOMA Indiana will continue working alongside Building Owners and Managers Association members and partners to advocate for timely passage.

This is a clear example of how coordinated advocacy efforts can drive meaningful results—and why continued engagement remains essential.