House Passes TRIA

The House has passed a 15-year extension of the federal government's terrorism insurance program that expands the lines of insurance that insurers will be required to offer their clients.The bill adds group life insurance to the lines of insurance for which terrorism coverage must be made available. It also expands insurance coverage for nuclear, biological, chemical, and radiological acts of terrorism. "This legislation is essential to the continued growth and development of American cities and to provide needed protections for those who work, live, and invest in downtown areas," said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. White House officials have indicated that the president will veto the bill. But many financial services and real estate groups, including the Mortgage Bankers Association, support the bill (H.R. 2761), which extends the Terrorism Risk Insurance Act. "We remain committed to working with the Congress and the administration on this very important legislation," MBA chairman-elect Kieran Quinn said.