All are senior members of the House Financial Services Committee.

Their bill differs markedly from one introduced last month by several leading Republicans, H.R. 4634. The Republican sponsors of H.R. 4634 include Reps. Richard Baker, R-La.; Sue Kelly, R-N.Y.; Eric Cantor, R-Va.; and Pete Sessions, R-Texas.

First, while the Republican-sponsored measure would extend TRIA for two years, H.R. 4772 would extend it for three.

Second, the GOP-backed bill would increase insurance company deductible from 15 percent in 2005 and 2006 to 20 percent in 2007, when TRIA would expire.

By contrast, the Democrats' bill would keep the company deductible at 15 percent throughout the entire program, which would expire in 2008.

Third, the Republican measure would increase the industrywide retention from $15 billion in 2005 to $17.5 billion in 2006 and $20 billion in 2007.

But the Democrat's measure would maintain a $15 billion industry retention throughout the life of the program.

Fourth, while the GOP bill would call on the Treasury Department to make a determination on whether to include group life in the TRIA program, Democrats' H.R. 4772 would affirmatively include group life. Finally, while H.R. 4634 calls on the Treasury Department to conduct a study of TRIA and submit a report to Congress on market-based alternatives to government reinsurance, H.R. 4772 assigns that task to the United States General Accounting Office.

David Winston, senior vice president of federal government affairs for the Indianapolis-based National Association of Mutual Insurance Companies, said that NAMIC believes it is vital that TRIA be extended to provide time for the development of a permanent solution to the problem of terrorism-related risks.

The insurance industry, he said, should try to get the best extension it can, with the understanding that TRIA must be extended.