Members of the Senate voted unanimously today to approve a bill that would extend the federal terrorism risk backstop program for 7 years, through 2014.
The bill, H.R. 2761, was approved without debate through a consent procedure.
The Senate version of H.R. 2761 that passed today would exclude coverage for group life insurance, and it also would exclude most other terrorism risk insurance program coverage additions sought by the insurance industry.
Members of the Senate created the bill by replacing the original text of H.R. 2761, which would have added coverage for group life insurance and provided protection against attacks involving weapons of mass destruction, with the text of a much narrower bill, S. 2285.
White House officials say President Bush would sign the narrower bill but probably would veto a broader terrorism risk program extension bill.
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, and other House leaders have been promoting passage of a much broader terrorism risk program extension bill that would include protection for group life insurance and protection against attacks involving weapons of mass destruction.