TRIA Extension Mark-Up Set

The House Financial Services Committee is planning to mark up a bill Nov. 16 that would extend the Terror Risk Insurance Act for two years, with a mechanism for extending it an additional year.The bill, drafted by Rep. Richard Baker, R-La., would require property-and-casualty insurers to offer terrorism insurance, along with coverage for nuclear, biological, chemical, and radiological attacks. In addition, the bill creates a presidential commission to evaluate the need for an extended government-assisted terrorism program. The Senate Banking Committee Chairman Richard Shelby, R-Ala., is also working on a TRIA extension bill, which he is expected to unveil soon. "We are excited, because the legislation is starting to move," said Stacy Stathopoulos, director of government relations for the Commercial Mortgage Securities Association. TRIA, which provides a government backup, or reinsurance, for insurers, is due to expire at the end of this year.