Efforts to reauthorize the Terrorism Risk Insurance Act for six years fell apart after Senator Tom Coburn, an Oklahoma Republican who is retiring, held up the legislation. Without a renewal, the program will expire Dec. 31.
"It's unfortunate, but his objection is going to kill TRIA," Majority Leader Harry Reid, a Nevada Democrat, said last night on the Senate floor. "I'm very sorry about that, but it's a fact."
The House passed an extension on Dec. 10 that would reimburse insurers after industrywide losses reach $200 million. The House measure would increase companies' co-payments to 20 percent from 15 percent and gradually raise the threshold for government involvement.
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