The Terrorism Risk Insurance Act, which is implemented through the Terrorism Insurance Program of the Department of the Treasury, expires at the end of 2007. A bill had been filed to extend the program for 10 years and add coverage for group life insurance and nuclear, chemical, biological and radiological risks. A Treasury official has stated that the program must be temporary and short-term, should provide for increased participation by the private sector in the covered risks, and rejected the proposal for inclusion of group life insurance. During a prior renewal of the program, the Treasury Department opposed adding group life insurance to the coverage of the program. The proposed renewal bill is H.R. 2761.
You are here: Home / Industry Background / Congress Considers Renewal of Terrorism Risk Insurance Act