Would House Terrorism Bill Cost More Than Senate's?
Washington
Despite its payback provision, the terrorism insurance loan program approved by the U.S. House of Representatives would actually cost the federal government more than the Senates quota-share reinsurance plan, which does not require repayment, according to a new study.
The study, which was commissioned by the Washington-based American Insurance Association, found that the House loan program legislation, H.R. 3210, would cost $3.81 billion for each year the program was in place, amounting to $7.62 over two years. By contrast, the study said, the Senates quota-share program would cost $1.76 billion in the first year and $1.44 billion in the second year, totaling $3.20 billion.
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