WASHINGTON--Congress will pass legislation extending the federal backstop for terrorism with the shorter life span preferred by the Senate over a House version, Standard & Poor's predicts.
The rating service's forecast comes in its 2008 financial outlook for the commercial sector of the property-casualty insurance industry.
The current government support program for terrorism insurance expires Dec. 31, and Congress returns to work Monday. The Senate bill essentially extends the current program for seven years, through 2014. A rival bill in the House would see it continue for 15 years.
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