While nothing’s officially been worked out yet, it appears key members of the House and Senate are committed to passing a terrorism risk insurance backstop bill before the current legislation expires Dec. 31. NAMIC has been heavily involved in meetings with staff members for the Senate Banking Committee and the House Financial Services Committee as they try to resolve differences in legislation.
The House-backed measure would extend the program for 15 years, lower the trigger for federal involvement to $50 million, maintain the current level for deductibles and co-payments, and require insurers that offer terrorism coverage to also make available insurance for events from nuclear, biological, chemical, and radiological agents.
The Senate’s bill extends the program for seven years, maintains the trigger level at $100 million, and continues the deductibles and co-payments at their current rates. It does not include the NBCR make available provision.
“We are at a critical juncture in the final phase of the legislative process, and NAMIC has led the way to make sure that NBCR coverages are not mandated in the final measure,” said Jimi Grande, NAMIC’s vice president for federal and political affairs. “We believe our year-long effort to fight for a longer term extension that allows all sizes of insurers to participate in the program is well within our reach now”
Direct questions to NAMIC’s Senior Federal Affairs Director Marliss Browder.
Posted: Tuesday, December 04, 2007 12:00:00 AM. Modified: Wednesday, February 01, 2012 1:05:15 PM.
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