A House Financial Services subcommittee has approved a 10-year extension of the federal government's terrorism insurance program along with changes to expand the coverage to include nuclear, biological, chemical, and radiological acts of terrorism.The Terrorism Risk Insurance Act extension bill also provides a federal backup for insurers providing group life insurance. Republican amendments to shorten the extension period to two years and then to five years failed, and the subcommittee members approve the bill by a voice vote. The full committee is expected to mark up the TRIA extension bill (H.R. 2761) soon. The Bush administration opposes a 10-year extension and efforts to expand the terror insurance program.
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