Legislation was introduced in the Senate that would extend the Terrorism Risk Insurance Act for seven years—as the insurance industry wants.
A positive vote early next month in the Senate Banking Committee is expected. However, while the House's initial version might call for major changes in the program including higher deductibles and a shorter reauthorization period, it appears likely the Senate bill, S.2244, will form the basis for the final legislation.
The current reauthorization expires Dec. 31.
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