House Approves Federal Aid for Insurers' Terrorism-Related Claims
The House has passed legislation that would provide backup assistance for insurers to help shield them from huge claims stemming from terrorist damages. The bill, approved Nov. 29 by a 227-193 vote, doesn't provide insurers with outright federal grants, but instead authorizes what are in effect no-interest loans to insurers to cover terrorism-related claims, within limits.
The measure has the support of the Associated Builders and Contractors, U.S. Chamber of Commerce and American Insurance Association, and other groups.