As the Senate appeared poised at press time to act on its own version of legislation extending the federal backstop on terrorism insurance, the ability of the life insurance industry to have group life included in the program appears to be fading.
Life insurance industry lobbyists conceded that the Senate bill–which does not expand the current program–is likely to be the template for final action.
This will be the case whether full Senate action takes place before Congress left for its Thanksgiving recess on Nov. 16, or even if final Senate action doesn’t occur until Congress returns on Dec. 3, sources said.
Jack Dolan, a spokesman for the American Council of Life Insurers, said the industry is still working. “We are still making the case that group life should be included in TRIA,” Dolan said. “There is strong support for group life in the House and some senators also agree that TRIA should cover life in addition to bricks and mortar.”
He said the life insurance industry is focusing on a conference strategy. “It will be tough but we are hoping for the best,” he said. “Those who follow the group life market recognize the importance of including group life in TRIA,” Dolan said.
“For many workers, the only life insurance protection they have is group life. We will continue making our case that group life is important to the financial security of millions of workers,” he added.