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Congress renews terrorism insurance law

[JURIST] The US House of Representatives on Saturday approved by voice vote the Terrorism Risk Insurance Extension Act of 2005 [bill summary], which will extend for two years the Terrorism Risk Insurance Act of 2002 [PDF text], under which the federal government guarantees insurance coverage for catastrophic losses caused by terror attacks. The renewal legislation also passed by voice vote in the US Senate on Friday, and the bill now goes to President Bush for his signature. Earlier versions of the bill were approved [JURIST report] by Congress, and the compromise version reduces federal guarantees and requires private insurance companies to pay more initial costs, while moving to eventually eliminate government involvement in the terrorism insurance market. AP has more.

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