Seen at Business Insurance:
The [House Financial Services Committee]’s Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee is expected to begin marking up the bill early next week, according to industry sources. The full committee could take up the measure as early as next week as well.
The bill would extend the federal terrorism insurance backstop, currently slated to expire on Dec. 31, for 10 years. Among other things, the measure would extend the backstop’s coverage to group life insurance and would permit the program to respond to acts of domestic- as well as foreign-initiated terrorism.
A 10-year extension, being worked on several months before the current iteration of TRIA is set to expire? I am most impressed.