Whether or not Washington saw fit to extend the Terrorism Risk Insurance Act beyond its scheduled Dec. 31, 2007 expiration, the fate of the federal reinsurance program had to be considered one of the Top-10 stories impacting the property-casualty industry.
As TRIA's deadline approached and with Congress eager to adjourn for the year, the House and Senate were on a collision course. But when push came to shove, the House blinked and reluctantly agreed to rubber stamp a more modest Senate bill that only adds domestic terrorism to the existing program.
The House had already swallowed hard and agreed to accept the Senate's seven-year extension (rather than 14 years, as in the original House bill), as well as give up any hope of including coverage for nuclear, biological, chemical or radiological attacks.
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