Mr. Chamness noted that the TRIA extension passed by Congress removed the mandate for farm owners multi-peril insurance, a change the group advocated, and did not include a provision in the House version of the bill opposed by NAMIC that would have required coverage for nuclear, chemical, biological and radiological attacks in property and liability policies.

Agent groups also took a positive view of the bill. Robert A. Rusbuldt, CEO of the Independent Insurance Agents and Brokers of America, said the group was "enormously pleased that Congress has approved a new backstop that will help provide needed coverage to our nation's commercial sector in the event of another catastrophic terrorist attack."

The IIABA's president, William G. Stiglitz III, added that the TRIA program provides protection not only for those in the major cities but for business and property owners across the country.

"This plan will create security and safeguard our hard-earned economic gains of recent years," Mr. Stiglitz said. "It is a win for our country, for the business sector and for Main Street America."

Len Brevik, executive vice president and CEO of the National Association of Professional Insurance Agents (PIA), said that the bill's passing "is good news for businesses across the country, for insurance agents, for our economy and for America."

But, he added that PIA has some of the concerns expressed by House Financial Services Committee Chairman Michael Oxley, R-Ohio, that the bill falls short of what was needed in some key aspects."

Specifically, Mr. Brevik noted Rep. Oxley's concerns that while the legislation extended the program, it made no real progress in helping the private market develop the capability for providing coverage against a major terrorist attack.

That the final product was taken largely from the Senate's version of the legislation was seen as a positive by opponents of TRIA extension, however, who felt that the House version was virtually a gift for the insurance industry.

"The Senate bill sponsors and Treasury Department fought off fierce efforts by insurance lobbyists to actually increase taxpayer payments and industry subsidies and weaken consumer protections," said J. Robert Hunter, director of insurance for the Consumer Federation of America.

He added that the House bill would have "needlessly expanded TRIA coverage to group life insurance and domestic terrorism, and set the stage for further expansions of federal assistance by mandating studies on the inclusion of personal lines of insurance in TRIA and a federal disaster insurance program."

Mr. Hunter said that the extension legislation "will save taxpayers an actuarial value of three-quarters of a billion dollars compared to the program that it replaces."

The new bill will increase the share of losses insurers must pay, regardless of the size of the terrorist attack, he noted.

"It would also reduce the lines of insurance that will be covered under TRIA. It would also make it clear that the taxpayer subsidies being provided to the extremely profitable property-casualty insurance industry will end, once and for all, on Dec. 31, 2007," said Mr. Hunter.

Donald Light, senior insurance analyst at Boston-based financial research and consulting company Celent, noted that any extension should be viewed as a victory for insurers and developers, both in maintaining the program and by helping supporters avoid having to fight for a more ambitious catastrophe backstop.

"This is a win for the insurance industry and for anyone that owns or wants to build big commercial properties," Mr. Light said. "Without a TRIA extension, commercial property rates would have increased substantially, and some high profile properties might have encountered problems getting insurance protection. Backers of broader federal backstop legislation for hurricanes and earthquakes also are breathing a sigh of relief. Extending TRIA is an easier battle to win than fighting for a federal natural catastrophe pool."