Members of the House Financial Services Committee voted 49-20 Wednesday to send a federal terrorism reinsurance bill to the House floor.
The current Terrorism Risk Insurance Act reinsurance program excludes group life and is set to expire Dec. 31.
The bill approved today, H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007, would include protection for group life.
The bill would limit the federal share of compensation paid under the program to $1 million per group life insured.
In addition to TRIA extension provisions, H.R. 2761 includes a provision limiting use of travel destination information in underwriting life insurance policies.
The full committee added an amendment, proposed by Rep. Peter King, R-N.Y., that would extend the terrorism reinsurance program for 15 years. The original version of the bill would extend the program for 10 years.