The House today introduced legislation that would extend the current Terrorism Risk Insurance Act until the end of 2019.
It represents the opening round of what is expected to be a tough battle to extend the program in its current form.
Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies, says the industry is trying to get Congress to reauthorize TRIA before the end of 2013, "rather than waiting until the eleventh hour to act" because most business-insurance contracts are for one year, and waiting until the end of 2014 to renew the legislation would create problems for both insureds and insurers.
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