Insurance industry trade group officials lauded passage of the Senate version of legislation reauthorizing a federal backstop to terrorism risk insurance and urged the House to act promptly.
Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), said in the wake of Senate action that AIA “remains confident” the legislation reauthorizing the Terrorism Risk Insurance Act will become law in 2014 “with strong bi-partisan support.”
The bill is S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014. It would replace a terrorism risk insurance backstop that expires Dec. 31. It passed the Senate, 93-4.
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