The Independent Insurance Agents & Brokers of America (IIABA or the Big "I") today released the following statement by Robert Rusbuldt, Big "I" president & CEO, regarding the U.S. Senate's failure to pass S. 2244, the "Terrorism Risk Insurance Program Reauthorization Act of 2014" and the National Association of Registered Agents and Brokers (NARAB II) legislation.

"With more than a week before Christmas, we are profoundly disappointed in the Senate's premature decision to leave town late last night without extending the Terrorism Risk Insurance Act which provides vital protection for the U.S. economy.  The TRIA legislation had overwhelming bipartisan support in both chambers of Congress along with strong support from the White House. This inaction is particularly galling in light of the 417-7 vote in the House last week on this exact same legislation. As if this weren't bad enough, thousands of small business owners and their customers are waking up this morning with coal in their stockings after somehow NARAB II, agent licensing reform that has already passed both chambers in different bills, was also   left on the cutting room floor. We urge Congress to pass both common-sense, bipartisan pieces of legislation as soon as they convene for the 114th Congress early next year."