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.
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