WASHINGTON—The most likely path to enactment of legislation reauthorizing a federal backstop for terrorism risk insurance that insurers can live with is House de facto acceptance of the preferable Senate bill, through inclusion of it in a must-pass congressional resolution (CR) needed to keep the government running through the transition to a new Congress.
"I am not sure there will be negotiations [between conflicting Senate and House versions of the Terrorism Risk Insurance Act (TRIA) reauthorization) bill," said Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies. "This maintains the $100 million trigger, but also includes significant reforms to the program."
"We expect TRIA to be reauthorized before Congress adjourns sine die in December," added Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI). "It is possible that TRIA is attached to a CR if they run out of time, though there are many that would like to see it go through regular order."
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