So, with the end of the year coming up (and with commercial lines insurers already well into wrapping up 1/1 renewals), Congress appears to have finally gotten its act together to compromise on TRIA reauthorization. From the Washington Business Journal:
The U.S. House of Representatives voted 360-53 Dec. 18 to extend the terrorism risk insurance program for seven years, a significantly shorter extension than property owners originally sought.[...]
The Senate passed a bill Nov. 16 that also extends the program for seven years. It will now be passed to President Bush to be signed into law.
So, we won’t have to go through the reauthorization circus again until 2014? Cool!
Of course, there is still the question of whether the President will sign it. From Reuters:
“We are reviewing that bill,” said White House spokeswoman Dana Perino in a briefing with reporters in answer to a question about whether President George W. Bush would sign the bill to renew the Terrorism Risk Insurance Act (TRIA).
“Last spring, we had concerns about the bill,” Perino said. “So, they’re reviewing the bill now for the final scrub of it before we can decide whether or not he’ll sign it.
There’s nothing like waiting until the last minute, eh?