House may vote soon on its terrorism insurance backstop bill
Reprints
The House of Representatives could soon vote on its own measure to extend the federal government's terrorism insurance backstop before the lame-duck session ends later this week.
An amended version of S. 2244, the Senate's Terrorism Risk Insurance Program Reauthorization Act of 2014, was filed Tuesday with the House Rules Committee. The action came as several published reports indicated that negotiations between the House and Senate over reauthorization of the program, which will expire Dec. 31 unless extended, had broken down over House negotiators' desire to insert non-insurance related language dealing with the Dodd-Frank Wall Street Reform and Consumer Protection Act in reauthorization legislation.
The ongoing dispute leaves the future of the terrorism backstop in doubt.
The new House bill would extend the program for six years and gradually raise the minimum trigger to activate the program to $200 million from the current $100 million. The bill would also create a National Association of Registered Agents and Brokers to streamline interstate agency licensing.
An earlier version of the bill passed by the House Financial Services Committee but never voted on by the full House would have extended the program for five years while gradually increasing the trigger for most future catastrophic terrorism attacks to $500 million.
The Senate approved its own bill, which would extend the program for seven years while leaving the $100 million trigger intact, earlier this year.
House and Senate negotiators appeared close to an agreement late last week, raising the possibility that the program would be reauthorized as part of a larger budget bill.
Read Next
-
Airmic welcomes vote to modernize U.K. terrorism reinsurance backstop
Airmic Ltd., the U.K. risk management association, has welcomed a vote by the members of Pool Reinsurance Co. Ltd., the United Kingdom’s government-guaranteed terrorism backstop, to implement changes that it believes will make Pool Re more attractive to insurance buyers.
Related Stories
-
Airmic welcomes vote to modernize U.K. terrorism reinsurance backstop
-
Congress close to compromise on terrorism insurance backstop
Most Read in Risk Management
-
4. Marsh McLennan sees rate hikes slowing; reports revenue growth
-
6. Zurich North America names professional liability, cyber leader
