The property and casualty insurance industry lauded the Senate Banking Committee for reporting out a Terrorism Risk Insurance Act extension Tuesday, but "caution" remains a byword because it is not certain when Congress will ultimately act, and whether final legislation will provide the same federal support as current law.
The bill sent to the full Senate yesterday is S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014. The current reauthorization expires Dec. 31.
Wendy A. Peters, senior vice president, Willis North America's Terrorism Insurance Practice, says the 22-0 vote Senate-panel vote provides "momentum" for eventual re-enactment, and "bodes well for passage prior to the fall."
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