As we have recently reported on InsureReinsure.com, the Federal Terrorism Risk Insurance Program is due to expire at year-end. Congress is currently considering an extension of the Program, the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”), which we have discussed here, here, here, and here.
Federal Legislative Developments
CBO Estimates Cost of TRIA Extension to be $8.4 Billion Over the Next Decade
The Congressional Budget Office (“CBO”) released a report last week that estimated the cost of extending the Federal Terrorism Risk Insurance Program to be $3.5 billion for the next five years and $8.4 billion for the next decade.
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U.S. Treasury Critical of Homeowners’ Defense Act of 2007
By Troutman Pepper Locke on
Yesterday, September 6, 2007, Philip Swagel, Treasury Assistant Secretary for Economic Policy, submitted testimony to the House Committee on Financial Services strongly opposing the Homeowners’ Defense Act of 2007 or H.R. 3355.
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U.S. House to Review Homeowners’ Defense Act of 2007
At the top of the United States House of Representatives agenda when it reconvenes in September is a review of the “Homeowners’ Defense Act of 2007” (H.R. 3355 or the “Act”), a bill introduced on August 3, 2007 by Reps. Robert Klein and Tim Mahoney of Florida.
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Important National Health Care Reform Bills Awaiting Action By Congress
By Troutman Pepper Locke on
On January 17, 2007, lawmakers in the House and Senate introduced identical bills (H.R. 506 and S. 325) aimed at funding innovative State initiatives that expand coverage and access to the uninsured and improve quality and efficiency in the health care system. The bills, the “Health Partnership Act”
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Exon-Florio Reviews Amended by the U.S. Foreign Investment and National Security Act of 2007
By Troutman Pepper Locke on
Effective October 26, 2007, the U.S. Foreign Investment and National Security Act of 2007 (“FINSA”) will amend the Exon-Florio review process to place more scrutiny on foreign acquisition of U.S. companies. FINSA was prompted by national security concerns that arose after the proposed acquisitions of U.S. ports by a Dubai-owned company and of UNOCAL by China.
Senate Committee Approves Bill to Create Natural Disaster Commission
Last week, the Senate Baking, Housing, and Urban Affairs Committee, in a voice-vote, approved a bill (The Commission on Natural Catastrophe Risk Management and Insurance Act of 2007) that would create a national commission to examine natural disaster risks.
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Terrorism Risk Insurance Revision and Extension Act of 2007 Inches its Way Toward Passage
Late yesterday afternoon, the House Financial Services Committee approved an amended version of the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) by a vote of 49 to 20.
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House Panel Approves Bill to Amend NFIP
Despite warnings from the Bush Administration, as reported here that it would not support any legislation expanding the National Flood Insurance Program (“NFIP”) to include windstorm coverage, the House Financial Services Committee approved the Flood Insurance Reform and Modernization Act of 2007 (H.R. 3121), which contains just such an amendment to the NFIP.
House Subcommittee Approves of TRIA Extension
As we previously wrote about here, legislation has been introduced to further extend the Terrorism Risk Insurance Act (TRIA), currently set to expire at year’s end.