House Democrats last week passed legislation expanding the Senate version of a bill extending the federal terrorism reinsurance backstop for seven years, while at the same time acknowledging that the ultimate bill is virtually certain not to contain the added provisions.
At the same time, Rep. Barney Frank, D-Mass.--chair of the House Financial Services Committee and chief sponsor of the more expansive House bill--said during a floor debate he is reserving the right to demand changes next year that would add two key provisions to the Terrorism Risk Insurance Act program.
Rep. Frank said his dilemma stems from the fact that the Senate is insisting its bare-bones, seven-year extension of the current program be the final product sent to President George W. Bush, who has threatened to veto anything more expansive.
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
Already have an account? Sign In Now
© 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.
