Legislation that would extend the federal terrorism insurance backstop through 2007 is likely to be considered by the full U.S. House of Representatives this afternoon.
TRIA, passed a year after the attacks of Sept. 11, 2001, created a temporary federal program of shared compensation for losses from terrorist events. But the current prorgam expires on Dec. 31, 2005.
Current Senate and House bills would continue the program but with some changes, including raising the trigger point for federal aid from $5 million to $50 million in the first year and $100 million in the second year.
Last week there were concerns that the House bill might be delayed due to committtee jurisdictional issues but that issue has been resolved.
In anticipation of today’s floor action, the insurance industry-backed Coalition Coalition to Insure Against Terrorism is asking all House members to support the measure, reminding lawmakers in a letter that, “If enacted, this legislation will ensure that the nation’s workers and businesses will be able to secure adequate and affordable insurance coverage against terrorism after the end of 2005.”
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