Washington
The U.S. Senate passed by unanimous consent its version oflegislation extending the Terrorism Risk Insurance Act for twoyears. The bill, providing insurers with a federal backstop forterrorism losses, is markedly different than companion legislationpassed earlier in the week by the House Financial ServicesCommittee.
The Senate bill, approved early in the morning of Nov. 18, cutsback on coverages, while the House bill expandscoverage==specifically for group life insurance.
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