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Senate Sends Terrorism Insurance Bill To Bush

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NU Online News Service, Nov. 20, 3:02 a.m. – The U.S. Senate voted 86-11 Tuesday 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 compromise version does let the federal government include group life insurance without the passage of additional legislation.

President Bush has said he will sign the bill.