WASHINGTON–Congress, through its annual budget resolution process, has taken the first concrete step toward renewal of government supports for terrorism insurance for up to five years.
The resolution language gives the go-ahead for “various committees to act to ensure a continuing federal role in the continued availability of terrorism insurance” as long as it doesn't add to the budget deficit.
The budget document sets forth the appropriate budgetary levels through 2012 for all programs. While only advisory, it will allow for expedited handling of legislation renewing the Terrorism Risk Insurance Extension Act, which expires Dec. 31 and whose renewal is the top legislative priority for the property-casualty insurance industry.
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