Tuesday, September 30, 2014

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US Senate Approves Legislation to Reauthorize Terrorism Risk Insurance Act

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TWC News: US Senate Approves Legislation to Reauthorize Terrorism Risk Insurance Act
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The U.S. Senate on Thursday overwhelmingly approved legislation to reauthorize the federal fallback for terrorism insurance.

The Terrorism Risk Insurance Act guarantees that the government will step in with cash if a terrorist attack causes at least $100 million in damages.

The Senate bill would continue the program for another seven years without any major changes, but the competing House bill would scale back the program, a proposal opposed by Democrats and some Republicans.

A number of New York lawmakers are now calling on the House to just pass the Senate bill.

The program is set to expire at the end of the year.

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