The House won't accept the Senate version of legislation providing a federal backstop for terrorism risk insurance, a key congressman said last week, proposing to temporarily extend the current program while differences are worked out.
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, made his comments in an appearance before the annual meeting of the Property Casualty Insurers Association of America.
"My concern is that the Senate will pass a bill that is better than nothing right at the end of the year, and then say the House must take it or leave it, even if we believe it is inadequate," Rep. Frank said at the meeting.
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