WASHINGTON–Senate Democrats expressed strong backing at a hearing today for continuing government insurance industry support for terrorism catastrophe losses, but concerns voiced about the program by Republicans left it unclear what a final bill will look like.

Lawmakers' comments came at proceedings convened by Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, regarding the need to reauthorize the Terrorism Risk Insurance Act extension legislation, which expires at the end of the year. Sen. Dodd indicated he wants the committee to act promptly on the bill.

Sen. Charles Schumer, D-N.Y., a strong supporter of a permanent bill, and Michael McRaith, director of the Illinois Division of Insurance, who represented the National Association of Insurance Commissioners at the hearing, said insurance companies and contracts are already being affected by the possible expiration of the current program.

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