The Senate is about to respond to the introduction of a Terrorism Risk Insurance Act extension bill in the House with a narrower extension bill of its own that probably will exclude protection for group life insurers.[@@]
The Senate Banking, Housing, and Urban Affairs Committee expects to meet at 10:30 a.m. Wednesday to consider a new version of S.467, a TRIA extension bill that originally was introduced in February, according to the Senate committee hearing schedule.
The House Financial Services Committee expects to mark up a House TRIA extension bill, H.R. 4314, during a meeting that will start at 10 a.m. Wednesday, according to the House committee schedule.
Most observers expect the White House, which has emphasized its preference for a narrow extension bill, to endorse the Senate bill.
The Senate bill was negotiated by Sens. Richard Shelby, R-Ala., chairman of the Senate Banking Committee, and Chris Dodd, D-Conn., a senior member of the committee.
The Senate bill will call for a $50 million trigger for federal support in the first year, and a $100 million trigger in the second year.
H.R. 4314, a bill introduced Monday night by Rep. Richard Baker, R-La., chairman of the Capital Markets Subcommittee of the House Financial Services Committee, contains the same triggers.
But the new version of S. 467 will call for insurers to put more “skin in the game,” according to several industry and congressional officials.