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A Thursday vote has been scheduled on the House Financial Services Committees version of legislation reauthorizing the Terrorism Risk Insurance Act as industry reps stake out their positions on the House and Senate versions.

The House Financial Services Committee is moving to effectively shut down the operations of the FSOC for at least six months by barring it from designating any financial institution as systemically significant.

The Republican leadership of the House Financial Services Committee is proposing a substantive reduction in potential government liability for terrorism attacks in order to have terrorism risk insurance transition to the private sector as soon as possible, a Republican lawmaker tells PC360.

The Terrorism Risk Insurance Act would be reauthorized in its present form but with much greater industry liability for five years under legislation to be unveiled today by House FSC Republicans, a compromise from an earlier draft calling for a three-year extension.

Todays resignation of Eric Cantor as House majority leader following his stunning primary defeat would lead a pundit with a background as a meteorologist to say the outlook for prompt passage of legislation sought by the property and casualty insurance industry is cloudy at best.

Expect the House Financial Services Committee to vote on TRIA-extension legislation this month, but the version that comes out of the committee will not likely be what ultimately passes Congress.

The P&C industry lauded the Senate Banking Committee for reporting out a TRIA extension Tuesday, but caution remains a byword because it is not certain when Congress will ultimately act, and whether final legislation will provide the same federal support as current law.

The Senate Banking Committee today reported to the floor legislation that would extend the Terrorism Risk Insurance Act for seven years.