A key test of congressional support for a provision in a bill extending the federal terrorism reinsurance program that would provide a trigger and deductible break for those insuring areas previously hit by a terrorist attack--such as New York--will take place on July 24.

That's when the Capital Markets Subcommittee of the House Financial Services Committee holds the first markup of H.R. 2761, the Terrorism Risk Insurance and Extension Act of 2007.

Rep. Gary Ackerman, D-N.Y., said he and Rep. Barney Frank, D-Mass., are lobbying strongly for a "reset" provision that would make it easier for insurers to underwrite terrorism coverage in areas hit by a previous attack--and charge lower rates than they would otherwise. It would have the same effect in the event of a future attack in other high-risk areas.

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