House set to debate terrorism insurance bill extension News
House set to debate terrorism insurance bill extension

[JURIST] A bill [PDF text] renewing the 2002 Terrorism Risk Insurance Act [text] will be debated in the US House of Representatives later this week, according to acting House Majority Leader Roy Blunt (R-MS) [official website]. The original law, passed after 9/11 and set to expire on December 31, 2005, required insurers to offer terrorism insurance but capped private insurance company liability at $5 million, with the government reimbursing any excess liability. The Senate version of the bill [PDF text], passed last month and supported by the White House, increases the cap to $50 million in 2006 and $100 million in 2007. Some insurers and homeowners would like to see the original bill extended in its current form, saying that it promotes construction and economic progress. Leaders expect the bill to be swiftly passed, as the House is operating under a suspension calendar this week, where bills require a two-thirds majority to pass and debate is limited to 40 minutes. Reuters has more.