SENATE COMMITTEE PASSES TRIA EXTENSION
The Senate Banking Committee has approved an extension of the Terrorism Risk Insurance Act. Principal differences between the Senate Committee's version and the version approved by the full House are:
- duration: the House version provides for a 15 year extension, the Senate Committee version 7 years;
- coverage trigger level: the House version reduces the threshold for triggering coverage from $100 million to $50 million, while the Senate Committee version maintains the $100 million trigger level;
- coverage: the House version adds credit life insurance and nuclear, biological, chemical and radiological attacks, while the Senate Committee version does not broaden the scope of coverage.
A copy of the Senate Committee's version is not yet available on the Thomas legislative site.
