The U.S. House voted to extend by six years a federal backstopfor insurers offering coverage against terrorism, advancing effortsto retain a program created in response to the attacks of Sept. 11,2001.
House lawmakers passed the Terrorism Risk Insurance Actextension today in a 417-7 vote that sends the measure to theSenate. Approval there would move the measure to President BarackObama for final approval.
Representative Jeb Hensarling, a Texas Republican, and SenatorCharles Schumer, a New York Democrat, agreed this week on anextension that would see insurers get reimbursements afterindustrywide losses in a terror attack reach $200 million from $100million. The measure would increase companies' co-payments to 20percent from 15 percent and gradually raise the threshold forgovernment involvement.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
