WASHINGTON–President George W. Bush today signed a seven-year extension of the Terrorism Risk Insurance Act, adding domestic terrorist events to the program but leaving out coverage for attacks using weapons of mass destruction.
The bill (H.R. 2761–The Terrorism Risk Insurance Program Reauthorization Act of 2007) extends the federal reinsurance backstop until the end of 2014.
Approved by the Senate on Nov. 16, the bill was reluctantly passed by the House on Dec. 18 after an acrimonious floor debate during which the House Democratic leadership railed against the lack of communication with the Senate–and vowed to revisit the issue in 2008.
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