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Washington==President George W. Bush this afternoon signed without comment or fanfare a two-year extension of the Terrorism Risk Insurance Act, just over a week before the controversial federal reinsurance program was due to expire.

The bill signed by the President virtually tracked a scaled-down version of TRIA extension passed by the Senate the week before Thanksgiving, backed by the White House. The House of Representatives passed a much more ambitious approach that would have expanded TRIA’s coverage and established different “silos” of insurer retentions depending on the line of business, but that bill was virtually dismissed out of hand in limited negotiations between House and Senate leaders.

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