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December 07, 2005 at 07:00 PM
Members of the U.S. House voted 371-49 Wednesday to pass a Terrorism Risk Insurance Act bill that includes group life insurance but also includes a provision that would restrict life insurance underwriting.[@@]
The House and Senate now must hold a conference to reconcile their TRIA extension bills.
The House bill, a version of S. 467, includes coverage for group life insurance, but it also includes a provision which would prohibit discrimination in life insurance policies based on a person’s plans for foreign travel.
The Bush administration says it opposes adding group life to the TRIA program because group life does not need TRIA protection.
The American Council of Life Insurers, Washington, says it will have difficulty supporting the bill because of the inclusion of the travel insurance amendment.
A representative of the Group Life Coalition, Washington, a group formed to get group life added to TRIA, says the coalition will support the bill.
“The overwhelming, bipartisan inclusion of group life in the House version of this critical legislation will hopefully serve as reminder and wake up call that the House of Representatives will not prioritize the financial security of buildings over people,” says Phil Anderson, the coalition’s executive director.
