Members of the House Financial Services Committee capital markets subcommittee voted 24-19 today to approve H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007.
The current Terrorism Risk Insurance Act is set to expire at the end of the year, and it specifically excludes protection for group life insurers.
In addition to including group life in the TRIA program, H.R. 2761 would extend the current program for 10 years and add coverage against domestic terrorism as well as against nuclear, chemical, biological and radiological attacks.
The bill would limit use of travel destination information in underwriting life insurance policies.
The full House Financial Services Committee expects to review H.R. 2761 July 31st.
The Senate Banking Committee may review another TRIA bill Aug. 1st.
Some are speculating that a TRIA bill may not reach the House or Senate floor until early December.