The House Financial Services Committee plans to release draft legislation and hold a markup in June on Terrorism Risk Insurance Act reauthorization legislation, a key member of the committee said today.
The comments by Rep. Randy Neugebauer, R-Texas, chairman of the Financial Services panel's Housing and Insurance Subcommittee, reflect growing pressure on Republican members of the committee in the wake of draft legislation proposed by Neugebauer and Rep. Jeb Hensarling, also R-Texas, called the Terrorism Risk Insurance Modernization Act or TRIM, which would effectively phase out the current program after three years.
The industry is deeply concerned with the Neugebauer/Hensarling draft, as are other TRIA stakeholders, including insureds. They held a meeting last week in order to work out a strategy to soften the proposed language, which, apparently, has the support of House Republican leadership.
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