Washington–The leadership of the House Financial Services Committee is asking House Republicans to support its version of the legislation extending the Terrorism Risk Insurance Act because "it is the only TRIA alternative that fully protects taxpayers."
The letter is being circulated to members of the House as it prepares to vote under expedited procedures Wednesday on an innovative version of legislation extending the federal terrorism insurance backstop provided by TRIA. The House TRIA extension measure covers more lines of business than a bare-bones Senate version.
It also provides more protection to smaller insurers against insolvency in the case of a large event and establishes a road map for ongoing federal involvement after the bill expires at the end of 2007. The bill is titled H.R. 4314.
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