A group of Republican members of the US House of Representatives has introduced legislation to extend the Terrorism Risk Insurance Act (TRIA) to the end of 2007.
TRIA is currently set to expire on 31 December 2005.
According to a report, in addition to extending the Act for a further two years, the Terrorism Insurance Backstop Extension Act, HR4634, would require insurers that participate in the backstop to make terrorism coverage available under terms that are substantially the same as those used for other risks.
The extension would also increase the deductible paid by insurers during its last year to 20% of losses. Under TRIA, the deductible is 15% in the final year of the scheme.
In addition, the Treasury Department would be required to make a final determination on whether group life insurance should be covered by TRIA, said the report.
Under the extension proposals the Treasury would also have to report on long-term solutions for expanding the availability and affordability of terrorism insurance without a federal backstop.
Two of the bill's sponsors are Richard Baker and Eric Cantor.
No companion legislation has been introduced into the Senate, the report concluded.
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