WASHINGTON–Legislation extending the Terrorism Risk Insurance Act for 10 years cleared its first key hurdle late yesterday when a House Financial Services Subcommittee approved it and sent it to the full committee for further action.
The bill, the Terrorism Risk Insurance Revision and Extension Act, or HR 2761, would extend the current government backstop for insurers against major terrorism losses when that measure expires on Dec. 31.
Subcommittee approval for the new measure came on a 24-19 vote, with mostly Republicans voting in opposition, primarily because the program is extended for so long and because it is far more expansive than the two prior bills dealing with the program.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
