Congress last week took the first concrete step for renewal of the Terrorism Risk Insurance Act, laying the groundwork through its annual budget resolution process to extend the federal reinsurance backstop for up to five years.

The 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.

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