A U.S. program that backstops insurance companies' losses from acts of terrorism is set to end after the Senate adjourned without extending it.
Efforts to reauthorize the Terrorism Risk Insurance Act (TRIA) 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.”
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