WASHINGTON–Efforts to pass legislation extending the federal backstop for insurers' losses after major terrorist attacks will not be hampered by language in a recently introduced house bill, insurance industry representatives said.

The bill includes a provision that would effectively reset the deductible amount of coverage and threshold for federal involvement for an area hit with a terrorism attack.

During House Financial Services Subcommittee markup discussions Tuesday, Rep. Richard Baker, R-La., offered an amendment resetting the program for the entire country to the levels outlined in the original TRIA bill. Member s of the panel approved the amendment, but with the proviso that further work would be done to set a different threshold to apply equally across the country.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.