At press time, two bills in Congress would include group life insurance in any extension of the Terrorism Risk Insurance Act of 2002.
H.R. 4634 would extend the program two years after TRIAs Dec. 31, 2005 deadline. The bill increases the industrywide retention to $17.5 billion in 2006 and $20 billion in 2007.
It includes a provision that would require the Secretary of the Treasury to submit a report to Congress on the conditions and developments in the market for group life insurance and make a final determination focusing on the availability of group life and whether the extension should be provided to the group life market.
Section 7 of H.R. 4772 changes wording in the Act to include group life insurance as well as property-casualty insurance.
The bill would extend TRIA provisions for 3 years ending on Dec. 31, 2008.
Reproduced from National Underwriter Edition, July 16, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.