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November 19, 2005 at 07:00 PM
The Senate early today passed by unanimous consent its version of the Terrorism Risk Insurance Act extension bill.[@@]
The Senate bill, S. 467, would extend TRIA for 2 years but would not add protection for group life.
The House TRIA extension bill, H.R. 4314, would add group life to the program and offer protection with a relatively low deductible for terrorist incidents involving the use of nuclear, biological or chemical weapons.
The House probably will consider H.R. 4314 in early December, when it returns from the 2-week Thanksgiving recess.
The Senate TRIA extension bill, which was sponsored by Sen. Christopher Dodd, D-Conn., would:
- Raise the “trigger” for federal involvement in paying claims for an act of terrorism from the current figure of $5 million to $50 million in the first year and $100 million in the second year.
- Raise the retention level on claims from the current figure of 15% to 17.5% in the first year and 20% in the second.
