House, Senate pass budget bill that includes key insurance provisions

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On Thursday, the Senate followed the House in passing the $1.4 trillion federal government funding package H.R. 1865, which includes three top policy priorities among insurance industry groups.

Among those provisions, the spending package includes an extension of the National Flood Insurance Program (NFIP) through September 30, 2020; an extension of the Terrorism Risk Insurance Program (TRIP) and Terrorism Risk Insurance Act (TRIA) through the end of 2027; and the permanent repeal of the healthcare “Cadillac Tax,” which would have imposed a 40% tax on health benefits that exceed an established annual cost.