Senate Banking Committee leaders have agreed on the provisions of a bare-bones bill that would extend the Terrorism Risk Insurance Act for 7 years without adding protection for group life insurers.
The committee leaders plan to vote on the 3-page bill Wednesday.
The current bill sunsets Dec. 31.
In addition to shutting out group life insurers, the bill includes no provisions dealing with nuclear, biological, chemical or radiation events and no provisions that would provide extra help for cities such as New York that already have suffered from terrorist attacks.
The bill would keep the current $100 million program trigger.
Insurance groups have been trying to add extra protection for group life insurers and for insurers facing NBCR events, and they have been trying to reduce the size of the event needed to trigger program payouts.
