Senate Democrats expressed strong support for renewal of the Terrorism Risk Insurance Act at a Capitol Hill hearing on the issue, but concerns voiced about the program by Republicans left it unclear what a final bill will look like.
Comments were made at proceedings convened by Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, regarding the need to reauthorize the TRIA extension legislation, which expires at the end of the year. Sen. Dodd indicated he wants the committee to act promptly on the bill.
As noted by Sen. Charles Schumer, D-N.Y., a strong supporter of a permanent bill, and Michael McRaith, director of the Illinois Division of Insurance, who represented the National Association of Insurance Commissioners at the hearing, insurance companies and contracts are affected already by the possible expiration of the current program.
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