Members of the House and Senate delivered voice votes over the weekend approving a bill that could extend the Terrorism Risk Insurance Act for 2 years.[@@]
The bill, which is similar to a narrow version of the bill passed by the Senate, excludes coverage for group life from the TRIA program but also excludes a provision that would have prohibited life insurers from denying life applications based on individuals’ plans for foreign travel.
The American Council of Life Insurers, Washington, supported the group life provision but opposed the foreign travel provision.
House and Senate leaders came up with the compromise version of the bill that passed Friday.
The original TRIA program, which is set to expire Dec. 31, excludes protection for group life insurers.
Sen. Richard Shelby, R-Ala., chairman of the Senate Banking Committee, and the White House, supported the narrow TRIA extension bill, but the White House did not immediately say whether President Bush would sign the version passed by Congress.