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The Senate Banking Committee on Wednesday morning passed S. 2877, a bill that would reauthorize the Terrorism Risk Insurance Act of 2002.
A day earlier, the U.S. House of Representatives voted overwhelmingly to renew the terrorism insurance coverage backstop program.
Industry groups were quick to praise the committee’s action.
“APCIA applauds the Senate Banking Committee for swiftly passing legislation to extend the Terrorism Risk Insurance Act (TRIA) for seven years,” Nat Wienecke, senior vice president for federal government relations at the American Property Casualty Insurance Association, said in a statement Wednesday.
“The broad bipartisan support in the House and the Senate Banking Committee sends a clear message of the critical role TRIA plays in stabilizing the economy and the overwhelming call to get it done this year,” he said
Advocates have been calling for a timely reauthorization of the program.
“We urge Senate Majority Leader McConnell to act on this legislation before the end of the year,” Mr. Wienecke said.
The insurance and allied industries, including the actuarial sector, have been encouraged by progress in the quest for an extension of the federal terrorism insurance backstop program, observers say.