Insurance: Federal Terrorism Coverage Extension Advances
Legislation that would extend the federal insurance "backstop" for terrorism-related claims for 10 years is moving in the House. A Financial Services subcommittee on July 24 approved a 10-year extension of the program. The full Financial Services Committee will take it up during the week of July 30, says committee Chairman Barney Frank (D-Mass.).
The federal program was es-tablished in 2002 and renewed in 2005. It is scheduled to expire on Dec. 31 unless Congress acts to continue it.