The Senate Banking Committee has approved an extension of the Terrorism Risk Insurance Act. Principal differences between the Senate Committee's version and the version approved by the full House are:
- duration: the House version provides for a 15 year extension, the Senate Committee version 7 years;
- coverage trigger level: the House version reduces the threshold for triggering coverage from $100 million to $50 million, while the Senate Committee version maintains the $100 million trigger level;
- coverage: the House version adds credit life insurance and nuclear, biological, chemical and radiological attacks, while the Senate Committee version does not broaden the scope of coverage.
A copy of the Senate Committee's version is not yet available on the Thomas legislative site.