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November 14, 2002 at 07:00 PM
NU Online News Service, Nov. 14, 10:32 p.m. – The U.S. House of Representatives agreed today by a voice vote to pass a compromise version of H.R. 3210, the bill that would create the Terrorism Risk Protection Act.
The bill, popularly known as the “terrorism backstop” bill, would use the resources of the federal government to protect property-casualty insurers against catastrophic losses resulting from acts of terrorism.
The compromise version of the bill, or conference report, which was hammered out by members of the House and the Senate, specifically excludes health insurance, group and individual life insurance, financial guaranty insurance, reinsurance and retrocessional reinsurance from the protection program.
The conference report also excludes provisions supported by some Republican lawmakers that would have limited consumers’ ability to win punitive damages in terrorism-related lawsuits.
