Torp was pressured to give the position back to Gerhardsen in January 1955, when Gerhardsen had strengthened himself for a few years as party chairman and President of the Storting. Torp, who was re-elected to Parliament in 1953 and 1957, succeeded Gerhardsen as President of the Storting, a position he held until his death. He was also County Governor until his death, albeit he was absent from the position for most of the time. Gunvor Katharina Eker took his seat after his death.

Torp was a member of the Labour Party central board and national board from 1945 to his death. He was also a board member of the Norwegian State Railways from 1948–1957 and chairman of the supervisory council of Folketeatret from 1948 to his death. In Vestfold he held a multitude of local chairmanships, including of the county tax board and the administration (Norwegian: Stiftsdireksjon) of the Diocese of Tunsberg.