President George W. Bush gave the property-casualty industry a belated Christmas gift, signing a seven-year extension of the Terrorism Risk Insurance Act that adds domestic terrorist events to the program but leaves out coverage for attacks using weapons of mass destruction.
The bill (H.R. 2761–The Terrorism Risk Insurance Program Reauthorization Act of 2007) was signed on Dec. 26, just five days before the program's expiration. The federal reinsurance backstop will now remain in place until at least the end of 2014.
After being approved by the Senate on Nov. 16, the bill was passed by a reluctant House of Representatives on Dec. 18 following 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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