WASHINGTON—The P&C industry urged the House in the strongest terms Tuesday to significantly amend its version of legislation reauthorizing a federal backup for terrorism risk insurance.
In a letter to the House legislative leadership, a group of industry leaders said the House legislation contains a 500% increase in the current program’s trigger “that will jeopardize the primary goal of the program.”
Controversial House version
The House bill was pushed through by Reps. Jeb Hensarling, chairman of the FSC, and Randy Neugebauer, both R-Texas.
Differences are significant
The version of TRIA reauthorization bill reported out by the House FSC calls for gradually increasing the program trigger for all non-nuclear, biological, radiological, and/or chemical (NBCR) events, from $100 million to $500 million by 2019, effectively phasing out the program for non-NBCR events after that.