Terrorism Reinsurance May Be Extended Under New Bill

Law360, New York (February 6, 2013, 2:30 PM EST) -- A bipartisan group of U.S. representatives introduced a bill Tuesday that would extend a federal terrorism reinsurance program until 2019, a measure supporters say should be passed quickly to prevent widespread default of commercial loans requiring terrorism coverage.

The bill would reauthorize for another five years a federal program providing reinsurance coverage for up to $100 billion in terrorism-related losses. Congress set up the program in 2002 by passing the Terrorism Risk Insurance Act, hoping to usher insurers back into the terrorism coverage market after the...
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